ICICI Bank board divided over CEO Chanda Kochhar: report
India's second largest private sector bank are opposing Chanda Kochhar's term extension.
Mumbai: The ICICI Bank Ltd board which had full faith in CEO Chanda Kochhar earlier, is now not sure whether to allow her to continue her services or tell her to step down as the CEO of the bank.
The central authorities are investigating the allegations of loans provided to Videocon group.
According to a report in NDTV, some directors from the board of India's second largest private sector bank are opposing Chanda Kochhar's term extension. Chanda Kochhar's term as CEO ends on March 31st, 2019.
However, ICICI's board consisting of 12 members after a review of loan approval have found the reports to be strong, referring to March 28 filing.
According to Chairman MK Sharma there is no qiuid pro quo or conflict of interest; he showed full confidence in Chanda Kochhar.
The Central Bureau of Investigation (CBI) has initiated a preliminary enquiry (PE) against ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar in the alleged involvement of a loan provided to Videocon group on quid pro quo basis.
A preliminary enquiry is the first step to assess allegations of wrongdoing.
"Your information is totally baseless and incorrect," an ICICI spokesman said in an email when asked if some board members want Kochhar to step down.