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ICICI bank: CEO Chanda Kochhar not asked to go on ‘indefinite leave’, clarifies ICICI Bank

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NEW DELHI: Private sector lender ICICI Bank on Friday morning clarified that Chief Executive Officer (CEO) and Managing Director (MD) Chanda Kochhar has not been asked to go on an ‘indefinite leave’ , as was reported earlier by some media outlets.

“The ICICI Bank Board denies having asked Ms. Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor,” the bank said in a statement issued to the bourses.

On Thursday, reports had emerged that Kochhar had been asked to go on leave after ‘a majority of the seven independent directors on the bank’s board’, advised so.

Incidentally, ICICI Bank on Wednesday had decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against Kochhar.

The allegations are related to ‘conflict of interest’ over a time and ‘quid pro quo’ in course of Kochhar’s work in dealing with certain borrowers. Earlier market regulator, Sebi issued a show-cause notice to the bank and its CEO for alleged violation of disclosure requirements under securities law in the case involving Videocon Group and NuPower Renewables, a firm run by her husband Deepak Kochhar.

On Friday, the shares of ICICI Bank were up 1.42 per cent at Rs 289.65 on the BSE at 10.40 am. The broader market was trading flat.

Updated: June 1, 2018 — 4:57 am

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