ICICI Bank on Thursday voted in favour of Chanda Kochhar’s reappointment on the board of its brokerage arm ICICI Securities. India’s second private sector lender holds 79.22 percent stake in ICICI Securities. The shareholders of ICICI Securities were today scheduled to vote on ICICI Bank MD and CEO Chanda Kochhar’s candidature at the annual general meeting (AGM) in Mumbai. The vote effectively seals Kochhar’s position as the Director at ICICI Securities.
Kochhar, Chief Executive Officer (CEO) and Managing Director (MD) of ICICI Bank has been on leave since June and the bank is conducting an independent enquiry against her. A panel supervised by former Supreme Court judge BN Srikrishna is probing allegations of conflict of interest relating to loans given to Videocon group, which had investments in a firm founded by Kochhar’s husband.
Chanda Kochhar had earlier sought re-appointment on the board of ICICI Securities as a Director. ICICI Securities had then listed the matter for consideration at the AGM on August 30. “Appointment of Chanda Kochhar, who retires by rotation and being eligible, offers herself for re-appointment: To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution,” notice for the AGM issued by ICICI Securities had said.
Meanwhile, Chanda Kochhar continues to be the official MD and CEO of ICICI Bank. The bank had confirmed this in an exchange filing earlier in the month of June. Sandeep Bakshi has been appointed as whole-time director and COO to look after the operations in Chanda Kochhar’s absence.