ICICI Bank decides to postpone AGM by a month amidst BN Srikrishna's independent probe of loan row

The ICICI Bank AGM has been rescheduled to 12 September as against the earlier schedule of 10 August

Press Trust of India July 16, 2018 17:35:43 IST
ICICI Bank decides to postpone AGM by a month amidst BN Srikrishna's independent probe of loan row

New Delhi: ICICI Bank has decided to postpone its annual general meeting (AGM) by a month amidst independent enquiry conducted by Justice BN Srikrishna on alleged cases of impropriety against the bank's CEO Chanda Kochhar.

The meeting has been rescheduled to 12 September as against the earlier schedule of 10 August.

"We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," the bank said in filings to stock exchanges.

ICICI Bank decides to postpone AGM by a month amidst BN Srikrishnas independent probe of loan row

Representational image. Reuters

Meanwhile, Kochhar has gone on leave till the completion of an external enquiry into alleged conflict of interest in extending loans to some corporates like Videocon.

Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities, including the Videocon group.

Multiple agencies, including the CBI and regulator SEBI, are already probing the alleged lapses involving Kochhar and her family members.

The current tenure of Kochhar, who has been at the helm since 2009 and has been on annual leave for some time now, ends next March.

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