ICICI's Chanda Kochar to go on leave till inquiry ends; Sandeep Bakshi appointed COO
Chanda Kocchar in the Forbes list of World's powerful women
Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter
ICICI Bank Board has appointedSandeep Bakhshi as Wholetime Director and Chief Operating Officer of ICICI Bank as Chanda Kochar willgo on leave till completion of enquiry in ICICI-Videocon case.
Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICIBank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.
ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group.
Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.
Bakhshi, whose appointment is for a period of five years beginning June 19, pending regulatory approvals, will report to Kochhar, the bank said in a statement.
(With inputs from agencies)