Investors oppose move to offer new post to ICICI Bank chief
The move to appoint ICICI Bank MD & CEO Chanda Kochhar as director of ICICI Securities is opposed by some investors
The latest attempt to appoint ICICI Bank MD & CEO Chanda Kochhar, who is currently under investigation, as the director of the bank’s broking arm ICICI Securities has evoked a mixed reaction from investors.
In a notice for its upcoming annual general meeting on August 30, ICICI Securities has proposed a resolution to reappoint Kochhar as a director.
Reactions to the proposal have been mixed. While the Institutional Investor Advisory Services recommends that investors vote against it, the Stakeholders Empowerment Services asks investors to approve it, Business Standard reported.
Kochhar is currently under scrutiny for her role in extending loans to the Videocon group, with observers accusing her of a conflict of interest. ICICI Bank has initiated an independent inquiry into various claims made by a whistleblower.
The inquiry panel, headed by Justice B.N. Srikrishna, is likely to submit its report in November.
Kochhar is currently on a leave of absence pending the outcome of the inquiry. Market regulator Securities and Exchange Board of India has also issued a show-cause notice to her and ICICI Bank over alleged violation of disclosure norms.