Chanda Kochhar is the CEO of ICICI Bank even today, and the final decision on her will be made post submission of Srikrishna report, Chairman of the private lender said.
Chanda Kochhar is still the CEO of ICICI Bank and a final decision on her would be made post submission of Srikrishna report, Chairman of the private lender told CNBC TV18. The report is expected to be submitted over the next two months, Girish Chandra Chaturvedi, Chairman of ICICI Bank said. Chanda Kochhar is currently on leave in case related with alleged conflict of interest and quid pro quo in approving loans to certain business groups.
Meanwhile, Chanda Kochhar is seeking re-appointment on the board of ICICI Securities as a director. The ICICI Securities’ AGM that is scheduled on August 30 will consider the proposal. “Appointment of Chanda Kochhar, who retires by rotation and being eligible, offers herself for re-appointment: To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution,” said the notice for the AGM issued by ICICI Securities.
We expect the losses of ICICI Bank to come down this fiscal, he added. RBI should be open to re-considering the 1-day default norm, he also told CNBC TV18.
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Until a panel probing the allegations comes up with the final report, Chanda Kochhar is on leave, as decided by the bank’s board. Currently, a panel lead by former Supreme Court Judge Justice BN Srikrishna is independently probing the allegations against Chanda Kochhar.
Chanda Kochhar is still a director on the board of other firms of the group such as ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company and ICICI Bank Canada.
Chanda Kochhar will continue to be MD and CEO of ICICI Bank, according to exchange filing by bank in June. Sandeep Bakshi has been appointed as whole-time director and COO.