The ICICI bank has rebuffed reports regarding its CEO, Chanda Kochhar being sent on an indefinite break by the bank board. According to media reports, she had been asked to sit it out till an independent enquiry is over in the alleged cases of impropriety regarding loans extended to the Videocon Group.
The bank clarified that Kochhar is on her annual leave which was planned in advance.
It also denied appointment of any search committee to find her successor.
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As per a report published in a leading daily, Kochhar was asked to go on leave till the time the independent inquiry is concluded.
The decision to ask Kochhar to stay put was taken on the advice of a majority of the seven independent directors on the bank’s board, it was reported.
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The Central Bureau of Investigation (CBI) is examining the sanctioning of a loan worth Rs.3, 250 crores by ICICI Bank to Videocon Group in 2012 on quid-pro-quo basis in which Chanda Kochhar and her family members are allegedly involved.