- Tag results for Chanda Kochhar
Law firm Cyril Amarchand Mangaldas withdraws report that gave clean chit to former ICICI chief Chanda Kochhar
ICICI Bank in a regulatory filing Tuesday said the clean chit given to Kochhar in March this year was based on the inquiry report of the law firm.
Until recently, they rubbed shoulders with captains of industry, did business with high government officials and led a peripatetic existence.
The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.
Kochhar will also relinquish office from the Board of Directors of the bank's units. Shares of the company rose as much as 5.8 per cent following the announcement.
Sebi added ICICI sought consent mechanism, which allows wrongdoers to settle pending matters without accepting or denying guilt.
ICICI Bank and the business dealings of the Kochhar family has come under the regulatory lens of Sebi and other agencies.
Kochhar has been away from office following an enquiry initiated under the retired Supreme Court judge BN Srikrishna late May but continues to hold onto her position as the managing director & CEO.
SBI was bound by protocol to pass the resolution and re-appoint Kochhar as a director on the board of ICICI Securities during Thursday’s AGM.
While Institutional Investor Advisory Services recommend investors to vote against the proposal, another firm Stakeholders Empowerment Services is against the move.
Agencies such as CBI and SEBI are already probing the alleged lapses involving Kochhar and her family members.
It has been alleged that her family members, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.
As the controversy grabbed headlines, the board had in early June asked Kochhar to proceed on leave till an external enquiry panel headed by retired Supreme Court judge BN Srikrishna was complete.
Sources said, though there are no signs of a challenge in filling up the vacancies yet, bankers are certainly giving a serious thought to the offers being put on the table.
According to officials, certain board members were aware of the impropriety and they on their part chose not to disclose the information about the Videocon case to anyone.
ICICI Bank may face a penalty of up to Rs 25 crore under the relevant SEBI regulations for such lapses, while the fine for Kochhar may go up to Rs 1 crore.