- Search results for Chanda Kochhar
This ends the bank’s uncertainty after its former MD Chanda Kochhar came under investigation for alleged nepotism and conflict of interest, and her eventual resignation early this month.
After the resignation of Chanda Kochhar, who was facing an inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakshi as the new MD and CEO.
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.
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.
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.
Justice B N Srikrishna has been conducting independent enquiry on alleged cases of impropriety against the bank's CEO Chanda Kochhar.