ICICI Bank rejects reports of sending CEO Chanda Kochhar on leave

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ICICI Bank rejects reports of sending CEO Chanda Kochhar on leave
ICICI Bank rejects reports of sending CEO Chanda Kochhar on leave

New Delhi : ICICI Bank on Friday rejected media reports that claimed that the financial body has sent CEO Chanda Kochhar on leave till probe is on against her.

"She is on her annual leave which was planned in advance," ICICI Bank, the country's largest private sector bank, said in a clarification to stock exchanges. 

A report by 'the Mint' quoted a source as saying that Ms Kocchar has been asked to "proceed on indefinite leave from the company...until an independent enquiry announced by the lender's board to probe alleged cases of impropriety is concluded." 

ICICI Bank also clarified that no committee has been formed to find her successor.

CEO Chanda Kochhar was accused by whistleblowers of favouring Videocon Group in its lending practices. The bank earlier said that they will investigate the allegations first before making any decision.

Market regulator Sebi had also earlier served a notice on Chanda Kochhar on dealings of the bank with Videocon Group and Nupower, an entity in which her husband Deepak Kochhar has economic interests, ICICI Bank said.

The appropriate response would be submitted to the Sebi, the bank had said in a stock exchange filing.