Kochhar to go on leave till probe is over

Kochhar to go on leave till probe is over
Highlights

In a significant development, the Board of Directors of ICICI Bank  on Monday announced that the bank’s Chief Executive Officer Chanda Kochhar would go on leave in order to facilitate an independent investigation into charges of conflict of interest related to Videocon loan. In her absence, Sandeep Bakhshi, the group’s life insurance head, will handle the bank as its Chief Operating Officer.

Hyderabad: In a significant development, the Board of Directors of ICICI Bank on Monday announced that the bank’s Chief Executive Officer Chanda Kochhar would go on leave in order to facilitate an independent investigation into charges of conflict of interest related to Videocon loan. In her absence, Sandeep Bakhshi, the group’s life insurance head, will handle the bank as its Chief Operating Officer.

“In line with the highest levels of governance and corporate standards, Ms Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018,” the bank said in a statemen. “The Board has noted and accepted this. During her period of leave, the COO will report to the Board.”

The bank also said that Bakhshi will report to Kochhar, who will continue in her role as MD & CEO of ICICI Bank. Bakhshi has been appointed as Wholetime Director & Chief Operating Officer designate for a period of five years, subject to regulatory approvals.

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