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Kochhar 'to go on leave', Bakhshi new COO: ICICI Bank
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SME Times News Bureau | 19 Jun, 2018
Private lending major ICICI Bank on Monday announced the appointment of
Sandeep Bakhshi as Wholetime Director and Chief Operating Officer (COO)
designate as its MD and CEO Chanda Kochhar decided "to go on leave till
the completion of the inquiry" in relation to the allegations levelled
against her.
Bakhshi, who is the MD & CEO of ICICI Prudential
Life Insurance Company since August 1, 2010, will report to the Board
during the period of Kochhar's leave.
"His appointment as COO
will be for a period of five years, subject to regulatory approvals. He
will take over as the COO from June 19, 2018, or on the date of
regulatory and other approvals, whichever is later," the bank said in a
statement.
"Bakhshi will be responsible for handling all the
businesses and corporate centre functions at the Bank. All Executive
Directors on the Board of ICICI Bank and the executive management will
report to him. Bakhshi will report to Chanda Kochhar, who will continue
in her role as MD & CEO of ICICI Bank."
The bank, in the
statement, said: "In line with the highest levels of governance and
corporate standards, Chanda Kochhar 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 Securities and Exchange Board of India 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'".
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