Kochhar in focus at ICICI meet

The Chanda Kochhar saga dominated the annual general meeting (AGM) of ICICI Bank at Vadodara on Wednesday, with shareholders seeking clarity on the allegations of impropriety against the MD & CEO, who is on an indefinite leave since June, apart from demanding action against her.

By Our Special Correspondent
  • Published 13.09.18
  •  

Mumbai: The Chanda Kochhar saga dominated the annual general meeting (AGM) of ICICI Bank at Vadodara on Wednesday, with shareholders seeking clarity on the allegations of impropriety against the MD & CEO, who is on an indefinite leave since June, apart from demanding action against her.

Some shareholders, who spoke at the 24th AGM, also questioned the corporate governance practices and standards at the bank, while some rallied in support saying it is just a phase which shall pass.

Kochhar has been away from office following an enquiry initiated under retired Supreme Court judge B.N. Srikrishna late May, but continues to hold onto her position as the managing director & chief executive. She was absent at the AGM.

Lok Ranjan, the government nominee on the board, was also absent at the AGM, chaired by newly appointed chairman G.C. Chaturvedi.

Last month's reappointment of Kochhar on the board of the bank's broking arm ICICI Securities despite she being under probe also peeved many shareholders, who questioned the decision.

Many shareholders also spoke against the core issue of sanctioning loans to the Venugopal Dhoot-run Videocon Industries, which is now facing bankruptcy proceedings.

Many shareholders also sought stern action from the bank on any misdoings on the part of Kochhar, while some also called for a restructuring of the top leadership, given the allegations and questioned the board for initially backing Kochhar.