New Delhi: The government’s representative on the board of ICICI Bank is unlikely to attend any meeting of the board until investigative agencies submit their reports on dealings between Deepak Kochhar, husband of Managing Director and Chief Executive Officer Chanda Kochhar, and Videocon Group.
“We will wait for the investigating agencies to complete their investigation and submit the report,” a senior finance ministry official said on Tuesday.
“The regulator has also not made any recommendations regarding the matter. So, until there is clarity, the government’s nominee is unlikely to attend board meetings (of ICICI Bank),” the official added.
The government’s nominee to ICICI Bank’s board of directors, Department of Financial Services Joint Secretary Lok Ranjan, was absent from the board’s two-day meeting which began on Monday.
While ICICI Bank’s board, including Chairman MK Sharma, has cleared Chanda Kochhar of any wrongd-oing, CBI and SFIO are probing the matter.
Tuesday meeting
The private lender said its board met on Tuesday to deliberate upon the budget and financial plan for the current fiscal and that the Videocon loan issue was not discussed.
“The board met to discuss the budget and the financial plan for the current fiscal,” an ICICI Bank spokesperson said.
Lender’s shares shoot up 7%
New Delhi: Shares of ICICI Bank surged nearly 7 per cent on Tuesday, adding Rs 12,786.96 crore to its market valuation, on expectations of improvement at the asset quality front. The stock ended with a sharp gain of 6.86 per cent at Rs 309.25 on BSE. During the day, it soared 8.67 per cent to Rs 314.50. At NSE, shares of the company surged 6.72 per cent to close at Rs 309.30. The stock was the biggest gainer on both Sensex and Nifty.
