Chanda Kochhar due for re-appointment on ICICI Securities board
23 August 2018
ICICI Bank CEO and managing director Chanda Kochhar, who is on leave pending a probe into alleged irregularities in sanctioning loans, is likely to be re-appointed as a director on the board of ICICI Securities, if a proposal for its annual general meeting is any indication.
The proposal for reappointment of Kochhar will be taken up at the annual general meeting of ICICI Securities on 30 August.
“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,” said the notice for the AGM by ICICI Securities.
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 and ICICI Bank Canada.
Kochhar has been on leave since 19 June this year amidst an ongoing probe by an independent panel headed by former Supreme Court Judge Justice BN Srikrishna on allegations of corporate misconduct and quid pro quo in giving loans to the Videocon Group.
A fortnight ago a Lucknow court has issued summons to Chanda Kochhar and others in connection with case involving a joint account, after the manager of the branch concerned did not appear before it. Chief Judicial Magistrate Anand Prakash Singh fixed 16 August for their appearance.
The court further issued a bailable warrant against branch manager Rubi Agrawal of ICICI bank's Gomtinagar branch because she did not turn up in the court despite service of summons.
The court passed the orders on a complaint of a local lawyer Raje Bhasin.
The lawyer said that he had a joint account in the bank along with his mother, who died on 11 April last year.
Bhasin said the bank seized the account and did not allow him to withdraw the money from the account.