ICICI Bank CEO and Managing Director Chanda Kochhar, who is currently on leave pending a probe into alleged irregularities in sanctioning loans to the Videocon Group, is seeking re-appointment as a director on the board of ICICI Securities. The proposal will be taken up at the annual general meeting of ICICI Securities on August 30.
The notice for the AGM by ICICI Securities stated, “Appointment of Chanda Kochhar, who retires by rotation and being eligible, offers herself for re-appointment: To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution.”
Kochhar has been on leave since June 19, 2018, till an independent probe into the allegations over conflict of interest is completed. An independent investigation by a panel headed by former Supreme Court Judge Justice BN Srikrishna is 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.
Kochhar is also a director on the boards of other group companies, including ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company as well as ICICI Bank Canada.