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Sir Philip Green has been asked to speak before a second committee of MPs, as questions mount as to his part in the collapse of BHS.
Iain Wright, from the Business, Innovations, and Skills Committee, told ITV News: "It's important that in terms of salvaging a reputation, he comes before Parliament and answers questions from MPs."
ITV News Business Editor Joel Hills reports:
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George Osborne has insisted "independent bodies" should investigate the situation at BHS, and would not be drawn on whether its billionaire ex-boss has questions to answer.
"I don't think as the country's Chancellor of the Exchequer, I should judge what has gone on in a company, before the independent bodies we have created have done that work," the chancellor told ITV News.
Mr Osborne was speaking to our Business Editor Joel Hills.
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Labour MP John Mann has called on Sir Philip Green to repay the £400 million of dividends that were paid out of BHS or lose his knighthood.
“Sir Philip Green has personally profited hugely from his ownership of the company, while the workforce risk losing their jobs and pensions entitlement,” Mr Mann told ITV News.
“It’s ethically improper and immoral to profit while 11,000 people lose out. He’s done nothing illegal, so the only sanction would be to strip him of his knighthood.”
Sir Philip Green has taken over £400 million out of the company and now must be held responsible for the actions that were taken under his stewardship.
There is a very simple and honourable solution to this crisis; repay the dividends, live up to the name he has chosen for his new yacht, ‘Lionheart’, or lose his knighthood.
Mr Mann's call comes as the Work and Pensions Select Committee said it will investigate how the BHS pension scheme, which has a £571 million deficit, will affect the state-backed Pension Protection Scheme.
The Labour MP said Sir Philip should be "put on the spot" by the committee and challenged about whether or not he is an ethical businessman.