INSUBCONTINENT EXCLUSIVE:
ICICI also denied that it has appointed any committee to find CEO Chanda Kochhar's successor.
ICICI Bank on
Friday denied a recent news report that said CEO Chanda Kochhar has been asked to go on leave until an independent enquiry on alleged cases
of impropriety is concluded
"She is on her annual leave which was planned in advance," ICICI Bank, the country's largest private sector bank, said in a clarification to
The Mint newspaper report, citing sources, had also said that Ms Kochhar has been asked to "proceed on indefinite leave from the
companyuntil an independent enquiry announced by the lender's board to probe alleged cases of impropriety is concluded." ICICI Bank's board
also denied that "it has appointed any search committee to find her successor".ICICI Bank had said earlier this week that it will institute
an inquiry into the allegations raised by an anonymous whistle blower against chief executive Ms Kochhar
The bank is battling allegations that she allegedly favoured Videocon Group in its lending practices.ICICI, India's third-biggest lender by
assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions
relating to the bank's code of conduct and whether her actions involved "conflict of interest".Market regulator Sebi had also earlier served
economic interests, ICICI Bank said.Appropriate response would be submitted to the Sebi, the bank had said in a stock exchange filing.The
CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the possible role of
Deepak Kochhar.ICICI Bank had in the March quarter reported its smallest quarterly profit in two years as stricter RBI rules forced the bank
to account for more bad loans
Net profit for its fiscal fourth quarter to March 31 almost halved to Rs 1,020 crore
