Chanda Kochhar on 'annual', not indefinite leave: ICICI Bank

The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on indefinite leave.

In a statement, a bank spokesperson said,”The ICICI Bank Board denies having asked Ms Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor.”

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI  Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.