Amid Chanda Kochhar controversy, ICICI may appoint Sandeep Bakhshi as interim chief

Amid Chanda Kochhar controversy, ICICI may appoint Sandeep Bakhshi as interim chief

FPJ Web DeskUpdated: Wednesday, May 29, 2019, 08:29 AM IST
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Amid the ongoing controversy of CEO Chanda Kochhar, ICICI bank can appoint Sandeep Bakhshi as its interim chief. In this reshuffle of top management by ICICI group, Bakhshi, who is the CEO of the bank’s life insurance arm, will take upon Kochhar’s duty.

“Bakhshi might be appointed as the bank CEO in a week. An announcement regarding this can be made by bank in the upcoming days. To be sure, the board is yet to sign off on the decision to make the changes”, sources informed a leading daily.

After appointment, Bakshi will assume the duties and responsibilities of the Managing Director and Chief Executive Officer Chanda Kochhar. The move comes after the alleged allegations against Chanda Kochhar not following bank’s ‘code of conduct’ during a previous deal. Chanda Kochhar is on an annual leave at present and former Supreme Court judge BN Srikrishna is investigating the matter of allegations against her.

Earlier, whistle-blower Arvind Gupta exposed the alleged Videocon loan fraud, in which he alleged about allegations of ‘conflict of interest’ and ‘quid pro quo’ by ICICI bank’s CEO Chanda Kochhar.

There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar. Later, market regulator Sebi had served a notice to Kochhar on dealings of the bank with Videocon Group and Nupower. Post that, an independent enquiry had been ordered by the bank under BN Srikrishna.

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