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Kochhar 'to go on leave', Bakhshi new COO: ICICI Bank

IANS  |  Mumbai 

Private lending on Monday announced the appointment of as Director and (COO) designate as its MD and decided "to go on leave till the completion of the inquiry" in relation to the allegations levelled against her.

Bakhshi, who is the MD & of Company since August 1, 2010, will report to the Board during the period of Kochhar's leave.

"His appointment as will be for a period of five years, subject to regulatory approvals. He will take over as the from June 19, 2018, or on the date of regulatory and other approvals, whichever is later," the said in a statement.

"Bakhshi will be responsible for handling all the businesses and corporate centre functions at the All Directors on the Board of and the management will report to him. Bakhshi will report to Chanda Kochhar, who will continue in her role as MD & of "

The bank, in the statement, said: "In line with the highest levels of governance and corporate standards, has decided to go on leave till the completion of the enquiry as announced on May 30, 2018."

The bank on May 30 announced that its Board has decided to institute a "comprehensive enquiry" to look into an anonymous whistleblower's complaint alleging that Kochhar had not adhered to provisions relating to "code of conduct" of the bank.

In a regulatory filing, it had said the scope of inquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, "use of forensic/email reviews and recordal of statement of relevant personnel, etc."

The inquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close.

Earlier, the sought responses from the company and Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements) Regulations, 2015'".

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 18 2018. 22:12 IST
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