- Tag results for Chanda Kochhar
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.
Last month, SEBI initiated adjudication proceedings against the bank and its MD & CEO Chanda Kochhar in the controversial case of loans given to Videocon Group.
The cases under scanner include the bank's Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in restructuring of the loan.
Bakhshi, who currently heads ICICI's life insurance arm, will take up a newly created position of chief operating officer at the bank for a five-year term beginning June 19.
Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to the Videocon group.