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Sandeep Bakhshi appointed as ICICI Bank’s COO, Chanda Kochhar goes on Leave

19Jun By Lavina TolaniNo Comments

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Sandeep Bakhshi appointed as ICICI Bank’s COO, Chanda Kochhar goes on Leave

India's second largest private bank, ICICI has appointed ICICI Prudential Life Insurance CEO Sandeep Bakhshi as whole-time director and chief operating officer (COO). Meanwhile, Bank’s managing director Chanda Kochhar who is facing conflict-of-interest allegations will remain on leave until a committee investigating allegations of impropriety completes its work. The ICICI Bank board, in its meeting held on Monday, has appointed Bakshi for a period of five years. In addition, the top-level reshuffle at the bank, executive director N.S Kannan will be replacing Sandeep Bakshi as chief executive of ICICI Prudential Life Insurance company. The bank has also said that in its official statement that Bakshi will be reporting to Kochhar who will continue her role as MD and CEO of ICICI ban...

I-T Dept Issues Notice to Deepak Kochhar over Videocon Loan Case

The ICICI-Videocon Loan Row case has already blazed too much attention and adding to it, now the Income Tax Department has issued a notice to Deepak Kochhar, husband of Chanda Kochhar, CEO, and MD at ICICI Bank. Issued under I-T Act, section-131, Deepak has been asked to submit all details relating to his personal expenses, Income tax returns and his business transactions with NuPower Renewables. Section-131 of I.T act deals with issues relating to production and discovery of evidence wherein income tax officials can ask for account books and statements. Indian tax officials will seek information from its Mauritian counterpart regarding investments made in entities and the person behind those entities under the amended tax treaty. As per inside sources, a bank official said that F...

ICICI shares plunge in the midst of Videocon Loan Row

India's leading private multinational bank, ICICI had its shares drop considerably by 7 percent on the first trading day of the financial year 2018-19 right after Central Bureau of Investigation(CBI) imposed an inquiry relating to the loan sanctioned to Videocon Group. After a close at Rs. 261.9 and down by 5.93 percent on BSE from the highest price since August 24, 2015, ICICI Bank market evaluation has worn down to Rs. 1.68 million on the BSE. As per the reports, CBI is probing actively on verifying allegations of corruption and looking into a possible nexus between Venugopal Dhoot, Chairman Videocon Group and Chanda Kochar's husband, Deepak Kochhar. ICICI bank also declared reports of conflict " malicious and unfounded" completely denying Kochar's favor recommendations to the agglome...