Chanda Kochhar to be considered for director’s post on ICICI Securities board

Chanda Kochhar to be considered for director's post on ICICI Securities board

ICICI Bank CEO and Managing Director Chandra Kochhar has suggested her name for a seat on the Board of Directors of ICICI Securities, the private lender’s broking arm. The proposal will be up for consideration during the annual general meeting of ICICI Securities scheduled for August 30.

Kochhar is facing scrutiny from several regulatory bodies as well as an internal probe initiated by the ICICI Bank over charges of conflict of interest and quid pro quo in disbursing of loans to the Videocon Group. She is on leave till the probe is over.

Chanda Kochhar to be considered for director’s post on ICICI Securities board

A notice for the AGM by ICICI Securities reads that Kochhar retires by rotation and being eligible, has offered herself for re-appointment. If she is found fit for the position, her re-appointment will be approved by passing an ordinary resolution.

Kochhar also holds the position of director on other group companies of the ICICI Bank, namely ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company, and ICICI Bank Canada.

Chanda Kochhar has been on leave since July 19, till the completion of the internal probe was ordered against her in May earlier this year, ‘in line with the highest levels of governance and corporate standards’. Former Supreme Court judge Justice BN Srikrishna is looking into allegations of wrongdoing levelled against her.

source: businesstoday