ICICI Bank has favoured the reappointment of Chanda Kochhar as a director on the board of ICICI Securities during the latter's annual general meeting on Thursday. This, for all intents and purposes, finalises Kochhar's another stint at the ICICI Securities board, as the ICICI Bank holds 80 per cent stake in its broking arm.
Kochhar has been on leave since July 19, following an independent probe initiated by ICICI Bank into allegations of conflict of interest levelled against her. Kochhar, the CEO and Managing Director of ICICI Bank, has been charged with quid pro quo in disbursing loans to Venugopal Dhoot-led Videocon Group.
According to ICICI Bank Chairman GC Chaturvedi, the one-man panel constituting retired Supreme Court judge Justice BN Srikrishna has assured that investigation in the matter will be completed within two months. Depending on the findings of this probe, Kochhar could return at the helm of the private lender.
Meanwhile, ICICI Bank has sure caused some eyebrows to rise by supporting Kochhar's name for directorship on the board of ICICI Securities, considering she is facing a scrutiny over charges of wrongdoing.
Edited by Vivek Punj