In the Annual General Meeting which was held on 30th August,Thursday, ICICI bank refuted market regulator Securities and Exchange Board of India (SEBI)'s charge that it violated disclosure norms in the matter of loans granted to Videocon, by saying that it was unaware of any conflict of interest at that point in time. And voted in favor of having Chanda Kochhar on the board of ICICI securities.
Earlier, it was reported that ICICI Bank CEO and Managing Director Chanda Kochhar is seeking re-appointment as a director on the board of ICICI Securities.
Chanda Kochhar has been on leave since June 2018, after the bank started an independent probe into allegations of conflict of interest. The bank, however, denied allegations of impropriety on part of CEO Chanda Kochhar extending loans to some companies and enjoying reciprocal benefits. With 80 percent stake in ICICI Securities, the bank backed it's CEO, leading to her almost being reappointed as the Director of ICICI Securities.
Currently, there are eight members on the board of ICICI Securities of which four are independent directors, two are non-executive non-independent directors who are nominated from ICICI Bank and two are whole time directors
SEBI has already served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower. And an independent investigation by a panel headed by former Supreme Court Judge Justice BN Srikrishna is also probing into allegations of corporate misconduct and quid pro quo in giving loans to the Videocon Group and NuPower Renewables, a firm run by Chanda Kochhar’s husband Deepak Kochhar.