ICICI says CEO Chanda Kochhar on annual leave, not forced

ICICI bank board said that Chanda Kochhar is on her annual leave which had been planned in advance. It also denied the appointment of a search committee to find Kochhar’s successor.

ICICI Bank Ltd on Friday denied reports that its chief executive Chanda Kochhar has been asked to go on leave until an independent board enquiry into allegations raised by an anonymous whistleblower is completed.

ICICI Bank instituted an independent enquiry into allegations ‘conflict of interest’ and ‘quid pro quo’ in Chanda Kochhar’s dealing with certain borrowers. (Mint file)

India’s second largest private sector bank also said no search committee has been formed to find her successor.

“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,” the bank said in a statement. “Further, the Board denies that it has appointed any search committee to find her successor.”

The clarification came days after the board of ICICI Bank instituted an independent enquiry into allegations ‘conflict of interest’ and ‘quid pro quo’ in Kochhar’s dealing with certain borrowers.

The bank had in March said the board has “full confidence and reposes full faith” in Kochhar.