Chanda Kochhar on leave till probe ends, Sandeep Bakshi appointed COO

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Chanda Kochhar on leave till probe ends, Sandeep Bakshi appointed COO

Kochhar is being investigated for a conflict of interest in dispersing loans

Embattled managing director and chief executive officer of ICICI Bank Chanda Kochhar will remain on leave till the completion of an internal enquiry set up by the bank.

Meanwhile ICICI Bank has appointed Sandeep Bakshi as the chief operating officer on Monday (June 18). Kochhar will continue with her role as MD and CEO.

The board at ICICI Bank headed by former judge BN Srikrishna conducted an independent internal probe into Chanda Kochhar's alleged conflict of interest and violation of lenders code of conduct in giving a loan of Rs 3,250 crore to the Videocon group in 2012.

The loan grant came into question since Videocon had invested in NuPower Renewables, a venture by Chanda Kochhar's husband Deepak Kochhar.

The board pushed for an enquiry in this matter after Securities Exchange Board of India (Sebi) issued a show cause notice to ICICI Bank and Kochhar in May. Kochhar went on a planned annual leave, the bank said on June 1.

Prior to this, a preliminary enquiry was initiated by Sebi on the matter in April. Central Bureau of Investigation and income tax department have also been investigating the matter independently.

ICICI Bank's shares closed higher by 10.20 points at Rs 292.50 on Monday amid expectation of a reshuffle at top level management and an indefinite leave from duty as managing director and chief executive officer for Chanda Kochhar.

READ | Sebi serves notice on Chanda Kochhar in Videocon loan case

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