Private lender ICICI Bank has postponed its annual general meeting (AGM) by a month to September 12, amidst allegations of wrongdoing against its managing director and chief executive Chanda Kochhar. The AGM was to be held on August 10 earlier.
“We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," said the bank in a filing to the exchanges.
The bank has faced three whistleblower complaints during the year accusing it of having lax controls over operations. Following the second whistleblower complaint, the bank board appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against Kochhar. Kochhar is on leave till the investigation is over and ICICI group veteran Sandeep Bakhshi was appointed as whole-time director and chief operating officer (COO) for five years.
Experts said that the bank needs to reveal the outcome of its investigation against Kochhar before the closing its accounts for the year This could be the one of the key reasons for postponing the AGM.
ICICI Bank's stock closed at Rs 259 on BSE, down by 3.26 per cent from previous close.