The shareholders of ICICI Securities at its 23rd annual general meeting held on Thursday passed the resolution to re-appoint Kochhar as the chairperson of the ICICI Bank subsidiary.
Justice B N Srikrishna, the former Supreme Court Judge, is heading the panel which is probing the allegations of quid pro quo by Kochhar in sanctioning of a loan by ICICI Bank.
ICICI Bank on Monday announced the appointment of Sandeep Bakhshi as Wholetime Director and Chief Operating Officer (COO) designate as its MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" in relation to the allega
Bakhshi, who is the MD & CEO of ICICI Prudential Life Insurance Company since August 1, 2010, will report to the Board during the period of Kochhar's leave.
The cases under scanner include the bank's Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in restructuring of the loan.
The lender's clarification came after a media report claimed that Kochhar has been asked to go on a leave.
Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person.
According to the ICICI Bank, the SEBI has sought response on alleged non-compliance of the “erstwhile ‘Listing Agreement’ and the ‘Listing Obligations and Disclosure Requirements) Regulations, 2015’”.
The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the lender's CEO Chanda Kochhar.
According to CBI officials, Pugalia was previously an employee of Videocon Group and then used to offer consultancy services to it.
Kochhar was stopped from leaving the country as the CBI had issued a Lookout Circular (LoC) against him, officials said.
The department has also sent a detailed questionnaire, seeking details of the firm's operations, to be answered by him.
Chanda Kochhar was to be the Guest of Honour at the annual session of FICCI Ladies Organisation (FLO). The event is scheduled to take place on April 5.
CBI sources said that Chanda Kochhar, against whom conflict of interest questions have been raised, has not been named in the preliminary inquiry as of now.
ICICI Bank board also reviewed the bank's internal processes for credit approval and found them robust, the private sector lender said in a statement.
Kochhar and Sharma will appear before the Serious Fraud Investigation Office in Mumbai on Tuesday afternoon, sources in the agency said.
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