Chanda Kochhar, facing a probe, offers herself for re-appointment as director on ICICI Securities board

ICICI Bank CEO and MD Chanda Kochhar has reportedly offered herself for re-appointment as a director on the board of the lender’s broking arm, ICICI Securities. Kochhar, who is currently on leave till the completion of an external enquiry that seeks to determine alleged wrongdoing in the Videocon loan controversy, is also a director for the lender’s other subsidiaries - ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company and ICICI Prudential Asset Management Company. “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,” the notice for the Annual General Meeting (AGM) by ICICI Securities was quoted as saying by The Hindu Business Line. [caption id=“attachment_4378535” align=“alignleft” width=“385”] A file photo of ICICI Bank CEO Chanda Kochhar. Reuters[/caption] An AGM is scheduled for 30 August, 2018, reported the Business Standard. In June, a preliminary examination by markets regulator Securities and Exchange Board of India (SEBI) favoured adjudication proceedings against Kochhar for alleged violation of listing disclosure norms, regarding a ‘conflict of interest’ in her husband Deepak’s business dealings with the Videocon group. Besides the SEBI probe, ICICI Bank’s board has also constituted an “independent enquiry”. According to a regulatory filing by the bank in June, Kochhar would continue as the MD and CEO, and the head of the group’s life insurance arm Sandeep Bakshi has been appointed as whole-time director and COO. Kochhar and some her family members are battling allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities. With inputs from PTI