ICICI's Chanda Kochhar To Go On Leave Till Inquiry Ends, Sandeep Bakhshi Appointed COO

| June 19 , 2018 , 08:53 IST

The current CEO and MD of ICICI Bank Chanda Kochhar, currently facing investigations into irregularities regarding a Videocon loan in 2012, will be on leave till the completion of the inquiry, in line with corporate standards, the bank said in a BSE filing on Monday.

ICICI Bank has appointed Sandeep Bakhshi as the COO (Chief Operating Officer) and whole time director of the bank for a period of 5 years, subject to regulatory approvals and will take over as COO from Tuesday. Bakshi will be responsible for handling all the businesses and corporate centre functions at the ICICI Bank.

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Bakshi is currently the Managing Director (MD) and CEO of ICICI Prudential Life Insurance and was earlier the Deputy Managing Director of ICICI Bank. He would be reporting to Chanda Kochhar who will continue as the MD and CEO of ICICI Bank. During her leave, Bakshi as COO would report to the Board directly.

The ICICI Bank board had last month set up an independent external probe panel over allegations that Chanda Kochhar had violated the bank's code of conduct in connection with a Rs 3,250 crore loan granted to the Videocon Group in 2012.

A whistle-blower had in March alleged that Kochhar's husband Deepak Kochhar and her family members had benefited from the Videocon deal with Videocon's Venugopal Dhoot having an investment in NuPower Renewables founded by Kochhar. At the time, the bank had rejected the accusations and reposed "full faith" in the managing director, but on May 30 decided for a "comprehensive enquiry" into the allegations against Kochhar.

Kochhar has been with ICICI since 1984, joining ICICI Limited and then getting elevated to the board of directors of ICICI Bank in 2001. She served as joint managing director and chief financial officer from 2007 to 2009, and became managing director and CEO in 2009.