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ICICI Bank to seek approval to appoint Sandeep Batra as whole-time director
ICICI Bank on Wednesday said that it will resume seeking approval from RBI for the appointment of Sandeep Batra as a whole-time director (designated as Executive Director) of the Bank.
ICICI Bank on Wednesday said that it will resume seeking approval from RBI for the appointment of Sandeep Batra as a whole-time director (designated as Executive Director) of the Bank. The appointment should be for a period of five years or date of retirement, whichever is earlier, effective from September 17, 2020, or the date of approval from RBI, whichever is later.
The board of directors of the bank approved the proposal to resume approval for the appointment of Mr Batra as whole-time Director of the bank on Wednesday.
In a filing to the bourses, the private lender said, "In line with the correspondence received from the Reserve Bank of India ('RBI') as disclosed to the stock exchanges on November 1, 2019, and after taking into the record the order passed by the Hon'ble Securities Appellate Tribunal dated September 10, 2020, which was also reported to the stock exchange on September 11, 2020, with regard to Mr Sandeep Batra, the Board today approved the proposal to resume seeking approval from RBI for the appointment of Mr Sandeep Batra (DIN:03620913) as a Wholetime Director (designated as Executive Director) of the Bank, for a period of five years or date of retirement, whichever is earlier, effective from September 17, 2020, or the date of approval from RBI, whichever is later."
Previous Proposal and Rejection
The Reserve Bank of India had earlier in November 2019 rejected a similar proposal of appointment of Mr Batra as the executive director (ED) of the Bank. The proposal was rejected after SEBI penalised him in a case related to the merger of Bank of Rajasthan.
Securities Appellate Tribunal (SAT) Order
The Securities Appellate Tribunal (SAT) in its order dated September 10, 2020, had amended the SEBI order levying the penalty of Rs 2 lakh and had converted it into a warning.
It also made it clear that such a warning on a lapse committed in May 2010, shall not come in the way of career advancement of Mr Batra 10 years thereafter as he has already suffered consequences of the impugned order in his career.
About Sandeep Batra
Sandeep Batra is a Chartered Accountant (1987) and a Company Secretary (1993) and have been working with the ICICI Group for last 20 years and is currently the President at ICICI Bank.
Mr Batra has been a founder member of the ICICI Prudential Life Insurance team and has worked with the organization as its Chief Financial Officer from September 2000 till 2006, and then as Executive Director and a member of its board from January 2014 till July 2018. At ICICI Prudential Life Insurance, Mr Batra was responsible for finance, investments, actuarial and risk and compliance functions. He was also instrumental in leading the company to India's first IPO in the insurance space.