ICICI Bank says Chanda Kochhar on annual leave.

ICICI Bank says Chanda Kochhar on annual leave.

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Johnson Cherian.
The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on leave.
“She is on her annual leave which was planned in advance,” the bank said in a stock exchange announcement. Further, the Board denied that it has appointed any search committee to find her successor.
Following a complaint by an anonymous whistle-blower against Ms. Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.
The whistle-blower has alleged that Ms. Kochhar had not adhered to provisions of the bank’s code of conduct and legal and regulatory norms relating to conflict of interest over a period of time.
In March, the Central Bureau of Investigation had initiated a preliminary inquiry to look into the alleged nexus between Videocon group and Mr. Kochhar. The transaction was first highlighted by a whistle-blower, Arvind Gupta, in 2016.

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