ICICI Bank CEO and MD Chanda Kochhar, who is on leave in connection with the case of alleged conflict of interest and quid pro quo in approving loans to certain business groups, is seeking re-appointment as a director on the board of ICICI Securities.
The annual general meeting of ICICI Securities to be held 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.
Kochhar will remain on leave until a panel investigating allegations of impropriety completes its work. The bank’s board decided to institute an “enquiry” into a new complaint received from an anonymous whistleblower alleging non-adherence of code of conduct, “conflict of interest” and “quid pro quo” by Kochhar while dealing “with certain customers/ borrowers” of the bank.
An independent probe by a panel headed by former Supreme Court Judge Justice BN Srikrishna is looking into allegations. Kochhar is also a director on the boards of other group firms, including ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company as well as ICICI Bank Canada.