ICICI Bank backs CEO Chanda Kochhar, votes to re-appoint her as Director on ICICI Securities board

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Published: August 30, 2018 5:23:38 PM

ICICI Bank on Thursday voted in favour of Chanda Kochhar’s reappointment on the board of its brokerage arm ICICI Securities.

ICICI Bank yet to respond to SEBI's notice over allegations against Chanda KochharChanda Kochhar is currently on leave in case related with  alleged conflict of interest and quid pro quo. (Image: Reuters)

ICICI Bank on Thursday voted in favour of Chanda Kochhar’s reappointment on the board of its brokerage arm ICICI Securities, TV news channels reported citing unidentified sources. India’s second private sector lender holds 79.22 percent stake in ICICI Securities. The shareholders of ICICI Securities were today scheduled to vote on ICICI Bank MD and CEO Chanda Kochhar’s candidature at the annual general meeting (AGM) in Mumbai.

Chanda Kochhar is currently on leave in case related with  alleged conflict of interest and quid pro quo in approving loans to business groups related to Videocon Industries Chairman Venugopal Dhoot. The allegations are being investigated by the Sebi, the CBI and the Income Tax Department.

Chanda Kochhar had earlier sought re-appointment on the board of ICICI Securities as a director. ICICI Securities had then listed the matter for consideration at the AGM on August 30.  “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,” notice for the AGM issued by ICICI Securities had said.

Meanwhile, Chanda Kochhar continues to be the official MD and CEO of ICICI Bank. The bank had confirmed this in an exchange filing earlier in the month of June. Sandeep Bakshi has been appointed as whole-time director and COO to look after the operations in Chanda Kochhar’s absence.

The shares of ICICI Bank Ltd. ended the day at Rs 344.40, up 1.1 percent on BSE today.

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