The board has decided to appoint Sandeep Bakshi in place of Chanda Kochhar. Bakshi's appointment will be of five years, i.e. until October 3, 2023.
ICICI Bank MD and CEO Chanda Kochhar had quit with the immediate effect. ICICI's board of directors held a meeting where they accepted her resignation. The board has decided to appoint Sandeep Bakshi in place of Chanda Kochhar. Bakshi's appointment will be of five years, i.e. until October 3, 2023.
In a press release, the bank also informed that citing health reasons MD MAllya, the independent director of the bank has also resigned.
Earlier, the Securities and Exchange Board of India (Sebi) had said that private lender ICICI Bank has expressed "intent informally" for consent plea to settle allegations against its chief executive Chanda Kochhar related to lapses in corporate governance in the Videocon case.
Sebi whole time member Ananta Barua said that ICICI Bank has sought to settle the matter through consent mechanism, though the markets regulator has not received any formal communication from the bank.Sebi chairman Ajay Tyagi said that some replies have come and the regulator is examining it.
"Not sure about whether they have filed a consent or not ..I believe the bank has informally discussed the consent (route)," he said.
Sebi has earlier issued show cause notice to ICICI Bank, Chanda Kochhar and others after a preliminary probe showed alleged violations of listing disclosure norms. The preliminary probe found Kochhar’s husband having several business dealings with Videocon Group for many years. ICICI Bank has replied to the show cause notice.
ICICI Bank and Kochhar had maintained that there was no regulatory violation by them and that Kochhar was not aware of her husband’s specific business dealings.
ICICI Bank had earlier in US SEC filing said that an investigation against CEO Chanda Kochhar would put a dent on its reputation. The bank said that an ongoing enquiry into allegations against its MD and CEO Chanda Kochhar as well as another probe into NPA loan accounts could affect its ability to conduct business, as part of its Form 20F annual report to the US markets reguator Securities and Exchange Commission (SEC).
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 "ICICI Bank MD and CEO Chanda Kochhar quits with immediate effect")
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