The board of directors of ICICI Bank asked Chanda Kochhar to stay put on her leave unless the internal enquiry into affirmation of conflict of interest into loans to Videocon group is completed until then the group’s life insurance head Sandeep Bakhshi will run the lender as its Chief Operating Officer and ICICI Bank Chief Executive Officer Chanda Kochhar continues to remain the bank’s MD & CEO.

ICICI bank gave a statement in interchanging the positions of the team members under the top level said that the bank’s executive director N.S. Kannan will become the chief executive of ICICI Prudential Life Insurance company subject to regulatory approvals.

“In line with the top levels of authority and corporate standards, Ms Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018,” said bank and Apart from this the bank also added in a further statement on interchanging the positions of top-level members of the big group that ”“The Board has noted and accepted this. During Ms Chanda Kochhar’s period of leave, the COO will report to the Board.”
ICICI bank also said that the group’s life insurance head Sandeep Bakhshi will report to Chanda Kochhar, who will continue in her role as MD and Chief Executive Officer of ICICI Bank.

According to the bank statement, Sandeep Bakhshi will take charge as Wholetime Director & Chief Operating Officer for a period of five years in order to regulatory approvals. He will be designated as COO from June 19, 2018, and also he will be liable for handling all the businesses and corporate centre functions at the Bank. the bank also said that all Executive Directors on the Board of ICICI Bank and the executive management will report to Sandeep Bakhshi in the absence of Chanda Kocchar.

Currently, the bank is in the main because of conflict-of-interest allegations against Kochhar over loans towards Videocon Industries which were denied by Chanda Kochhar. Chanda Kochhar was also blamed for not disclosing her husband’s business dealings with Videocon. Besides this, the bank’s chairman and board leader M.K.

 Sharma said:” that there has been no violation of any rule or there was no shortcoming in disclosures by Kochhar”.

The bank further said in a statement that”the decision to give loans was taken by a committee that was at that point headed by chairman K.V. Kamath”.
Sources revealed that Justice Srikrishna will be investigated regarding the case.