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ICICI MD And CEO Chanda Kochhar Steps Aside For The Conflict-Of-Interest Probe Duration
- IWB Post
- June 19, 2018
After allegations of nepotism against ICICI Bank’s MD and CEO Chanda Kochhar in the Videocon loan case, the bank’s board issued a statement on Monday that said that she has stepped aside for conflict probe duration. It was stated that she “has decided to go on leave till the completion of the enquiry.” Former Supreme Court judge B N Srikrishna would be enquiring into the conflict-of-interest allegations made against Kochhar.
The announcement came 83 days after the Board had expressed that it had “full faith and confidence” and asserted that there indeed was “no question of any quid pro quo/nepotism/conflict of interest.”
MD and CEO of ICICI Prudential Life Sandeep Bakhshi has been announced as the chief operating officer for the period. While the official statement said that Bakshi would be reporting to Kochhar “who will continue in her role as MD and CEO,” it also added that “during her period of absence he will report to the board”, thus adding to the ambiguity of the situation.
Kochhar’s current term with the bank terminates in March and had the situation been normal she could have easily anticipated another term. However, amidst all the allegations and speculations a dark cloud looms even on her current term which might be cut short in case of some adverse findings.
H/T: The Times of India
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