ICICI Banks denies asking Kochhar to go on leave, no search committee

ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor.

“She is on her annual leave which was planned in advance,” it said in response to media queries.

The bank’s stock has been trading up by about 2.5% today morning.

Media reports had said that Kocchar, who is facing investigation over conflict of interest in sanctioning loans to a prominent business group, had been asked to go on leave.

“ICICI Bank CEO Chanda Kochhar has been asked to proceed on indefinite leave.. until an independent enquiry announced by the lender’s board to probe alleged cases of impropriety is concluded, according to a person with direct knowledge of the board’s decision,” the Mint reported.

The decision to ask Kochhar to go on leave has been taken on the advice of a majority of the seven independent directors on the bank’s board, it added.