Under probe, Kochhar eyes becoming director on ICICI Securities board again

ICICI Bank MD & CEO Chanda Kochhar
ICICI Bank Managing Director (MD) & Chief Executive Officer (CEO) Chanda Kochhar has offered herself for re-appointment as director on the board of the bank's broking subsidiary, ICICI Securities.   

Kochhar is currently on leave, facing an investigation by the bank regarding conflict of interest allegations. She is also being investigated by multiple regulatory agencies.

Kochhar retires by rotation and, being eligible, has offered herself for re-appointment as director, said the broking arm in a notice for its annual general meeting to be held on August 30. An ordinary resolution would need to be passed for her reappointment.   

Kochhar is also a director for the bank's other subsidiaries -- ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company and ICICI Prudential Asset Management Company.  

The investigation against Kochhar hasn't been completed, so there is no reason why she can't offer herself for reappointment, said Shriram Subramanian, founder and MD of InGovern Research Services. 

In May, in a filing to US markets regulator Securities and Exchange Commission (SEC), the bank had said that allegations against Kochhar could adversely impact the ability of the bank and its subsidiaries to do business.

The allegations of wrongdoing pertain to loans extended by ICICI Bank to the Videocon group, which had business relations with NuPower Renewables, owned by Chanda Kochhar's husband Deepak Kochhar.