The Videocon loan controversy is nothing short of a jigsaw puzzle and one does not know what the final picture will be if the big pieces are put together. Former Sebi ED J N Gupta told ET Now that there is a lot of uncertainty about ICICI Bank’s governance issue.ET Now: First, the ICICI Bank committee gave Chanda Kochhar a clean chit. Now, they want to be reacting to a whistleblower report. I looked at the whistleblower report and there is nothing very different in that whistleblower report, apart from allegations and it is centred around that entire Videocon case. So, I wonder what is forcing the bank to react to a whistleblower report because 2-3 weeks ago, they actually gave Chanda Kochhar a clean chit. I mean it is like saying do they want to start the process again.J N Gupta: See, you got to look into this in a proper perspective. Earlier, we only had a whistleblower complaint and some sort of inquiries from Sebi. And the board gave itself and Chanda Kochhar a clean chit. Now about a week back, we heard that Sebi has given a show-cause notice to Chanda Kochhar and ICICI Bank. Now, a show cause-notice is a bit different than a simple letter asking about what is the status of the case or something like this. In the show-cause notice, obviously they could not have responded the same old things that yes we had conducted internal inquiry and we went ahead and found nothing wrong by the board or by Kochhar. When they respond to a show-cause notice, they have to respond in a proper manner. So, there could be 3-4 things. One, that the inquiry ordered to buy time to respond to the show cause notice. Second, to get the information of content for a bank to show cause notice and third could be to find in reality what went wrong. So, these could be the reasons for the show-cause notice. Obviously, anybody who would have answered just a simple letter of Sebi versus a show-cause notice would have to do a little bit of more homework. Next, they have been criticised a lot by probably shareholders or by everybody that the board has done a self certification and patted a spat and Chanda Kochhar to carry on. Other point is there have been a lot of uncertainty of the bank’s governance issue. Everybody is questioning, but nobody knows the truth. So it is a situation where you have pieces of jigsaw puzzle, but one does not know what is the photo finally going to come if the big pieces are put together. An attempt is being made to put the jigsaw puzzle into the place and we want to see whether the answer comes yes or no. The other issue is earlier, it was a board self certification, now it is another kind of spectrum when you have said the audit will not be limited by any agenda. He or she or any agency that could be doing the inquiry can carry on and whatever they find in the inquiry, they can extend the probe. It will have a positive effect. So, here it is an attempt to do it in a professional and positive manner and let us see what comes out. But the only thing is the person who has to conduct inquiry must be competent, independent and credible.ET Now: From a market standpoint — and I know that you cannot give a direct answer to this one — what happens with Chanda Kochhar’s current position at the helm of the business while this inquiry is going on. She is expected to step down, take a sabbatical or very much in the thick of things till clarity emerges on this issue.JN Gupta: I would say a couple of things on this. First, if you see that newspaper report today Kochhar is on her annual vacation. So, the board had thought it is opportune time to do the investigation while she is on vacation. Second, I do not believe that if a person is present, he or she will be able to influence the inquiry. The person who is conducting inquiry should be a man of integrity because then he or she is not going to be influenced when the investee person is present or not. The third point is that at times it is good for the investigation if the person is present because you can always interact and get answers to the question. When you are investigating a person it is immaterial whether the person is available or not available. It is effective only if everybody is of the same character. People say the person should step down or not step down. I agree.