ICICI bank rejects reports about Chanda Kochhar’s ‘indefinite leave’

New Delhi: Rejecting earlier reports of ICICI Bank CEO Chanda Kochhar being asked to go on an ‘indefinite leave’, the private sector lender on Friday morning clarified that no such directive had been issued by them.

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

On Thursday, it was reported that Kochhar was asked to go on a leave after majority of seven independent directors on the bank’s board advised in favour of the move.

Incidentally, ICICI Bank on Wednesday had decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against Kochhar.

The allegations are based on ‘conflict of interest’ over a time and ‘quid pro quo’ in course of Kochhar’s work in dealing with certain borrowers.

Earlier market regulator, Sebi issued a show-cause notice to the bank and its CEO for alleged violation of disclosure requirements under securities law in the case involving Videocon Group and NuPower Renewables, a firm run by her husband Deepak Kochhar.

On Friday, the shares of ICICI Bank were up 1.42% at ₹289.65 on the BSE at 10.40 am. The broader market was trading flat.