Directors on the board of ICICI Bank propose to meet and discuss the further steps on the bank’s agenda in view of the recent developments on account of Videocon Group probe.
- What is in store in the coming days for the Bank CEO Chanda Kochhar.
- What is the latest developments on account of actions from investigating agencies about business dealings between Chanda Kochar’s husband Deepak Kochhar and Videocon Group.
- What is the recourse on the enquiries and allegations of corruption and nepotism related to loans given to the Vedeocon Group with which Deepak Kochhar had a business partnership, in view of the CBI’s questioning Chanda Kochhar’s brother-inlaw Rajiv Kochhar for alleged conflict of interest after it emerged that Kochar’s Avista Advisory also advised clients of ICICI Bank.
- Independent and nominee directors would meet again, to take stock of developments affecting the staff morale and investor confidence.
- Another point of discussion is the change of Government nominee on the ICICI Bank board. The Government appointed Lok Ranjan, Joint Secretary in the department of financial services, to replace Amit Agrawal as its nominee director w.e.f 5th April 2018 which has raised speculation that Government was not comfortable with the developments in the matter which was otherwise ignored by the Bank officials.
ICICI Bank and Kochhar are facing allegationsof conflict of interest, unprecendented in a private sector bank which arose due to business dealings between members of CEO’s family and Videcon. Kochhar has informed that she is not directly involved in the loans given to Videcon group in the year 2012, which were approved by the then Chairman Mr. K V Kamath.
The bank feels that if Chanda Kochhar personally takes a stand to step down in the larger interests of the organisation, it will be an individual call and a personal choice though there is no direct or indirect pressure by the board on her to quit.