ICICI Bank Board to decide its CEO Chanda Kochhar's fate today
ICICI Bank Board to decide its CEO Chanda Kochhar's fate today
ICICI Bank Chanda Kochhar Managing Director and Chief Executive Officer of ICICI BankReuters
19 June, 2018, 05:45
In a major management reshuffle, the ICICI Bank on Monday announced the appointment of Sandeep Bakhshi as the Wholetime Director and Chief Operating Officer-designate, ICICI Bank. Kochhar, meanwhile, has tried to stay out of the public eye and is now on a planned vacation, according to the bank's spokesperson.
On the other hand, the bank's Chief Financial Officer N S Kanna will replace Bakshi as ICICI Prudential Life MD and CEO. Reports suggest the judge will soon appoint forensic auditors to scan the bank's books.
ICICI Bank's MD and CEO Chanda Kochhar, at the centre of a row over conflict of interest, has made a decision to go on leave till an independent probe into the allegations is completed.
All the other board members will report to Bakhshi and he will report to Chanda Kochhar.
"Since the events are already recorded and possibly can not be altered, requesting Kochhar to proceed on leave at this point in time may send the wrong signal to stakeholders, especially after the board had showed full confidence and faith in her when the issue first broke out", one of the board members told Business Standard. Before the loan sanction, however, Dhoot transfers a controlling stake in NuPower to an associate, Mahesh Chandra Punglia, who-after securing the loan-sells it to Deepak Kochhar for a mere Rs9 lakh.
The loan grant came into question since Videocon had invested in NuPower Renewables, a venture by Chanda Kochhar's husband Deepak Kochhar. The new COO, in return, would report to the bank's board during Kochhar's period of leave.
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ICICI Bank claims to be India's largest private sector bank by consolidated assets.
The directors tried to soften the blow by saying in a statement that Bakhshi will report to Kochhar. The board, under criticism over the matter, ordered an independent probe by Srikrishna. The bank also says that an employee's husband's brother isn't deemed a relative under the Companies Act; therefore, a disclosure wasn't necessary.
Last month, the board had constituted an independent external probe panel after more allegations had surfaced against Kochhar violating the bank's code of conduct.
On May 28, the ICICI Bank board had issued a statement that it had reviewed the bank's internal processes for credit approvals and found them robust, reposing full faith in Kochhar. Later, media reports said Srikrishna would be heading the probe.
Though the bank defender Kochhar, it yielded to investor and regulatory pressures and announced an independent probe into charges against Kochhar earlier this month and asked her to go on indefinite leave.
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