The board of ICICI Bank, which will meet today for approving the annual earnings of 2017-18, may see some discussion on the allegations of conflict of interest against the lenders CEO Chanda Kochhar, sources said.

There are series of allegations of impropriety in ICICI Bank extending loans to some companies and enjoying reciprocal benefits.

It is alleged that family members Kochhar, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.

The issue is being investigated by multiple agencies including CBI, Income Tax Department.

ICICI Bank spokesperson said, the banks board meeting on May 7 will consider the approval of the audited annual accounts for the financial year ended  31 March, 2018 and discuss other routine matters.

Amid controversy of alleged conflict of interest involving ICICI Bank and its CEO, former Sebi chief M Damodaran has said one option is for her to step down for a period of three or four months till the investigation is completed.

Although the board meeting agenda is limited to financial results, some board members may raise the issue of corporate governance, sources said, adding that it is up to the Chairman M K Sharma to allow deviation from the scheduled agenda.

Interestingly, the board of ICICI Bank expressed full faith in Chanda Kochhar, whose current tenure as CEO is set to end on March 31, 2019. It had reviewed credit approval processes and found them to be robust, according to a March 28 filing by the bank.