Chanda Kochhar has quit from the post of the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank and in her place, Sandeep Bakhshi has been appointed.
About:
Chanda Kochhar quit from the post of the MD and CEO of private sector lender ICICI Bank.
In her place, Bank has appointed Sandeep Bakhshi as the new MD & CEO and handed him a five-year term till October 3, 2023. The appointment is subject to regulatory approvals.
The development comes even as the Srikrishna committee, which is probing charges of conflict of interest against her, is yet to officially submit its findings to the bank’s board.
Background:
The controversy over the alleged conflict of interest started when a whistle-blower sought an enquiry into the transactions between ICICI Bank, Videocon group and NuPower Renewables — a company promoted by Ms. Kochhar’s husband Deepak Kochhar in 2010.
It was alleged that a company connected with Videocon group chairman Venugopal Dhoot invested ₹64 crore in NuPower in 2010 and later, the proprietorship of the company was transferred to a trust owned by Deepak Kochhar for ₹9 lakh after the Videocon group received a loan of ₹3,250 crore from ICICI Bank in 2012.
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