ICICI Bank board appoints Sandeep Bakhshi as whole time director, COO

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Bakhshi will take over as the COO from 19 June or on the date of regulatory and other approvals, whichever is later, the Mumbai-traded lender said in a statement to the Bombay Stock Exchange (BSE). Read full story here: Chanda Kochhar steps aside for conflict probe durationThe announcement of Kochhar being asked to go on a leave comes amid speculations of her stepping down and eighty-three days after ICICI Bank reposed "full faith and confidence" in her stating there was "no question of any quid pro quo/nepotism/conflict of interest".

The bank said he will be responsible for handling all the businesses and corporate centre functions at the bank.

The bank on May 30 announced that its Board has made a decision to institute a "comprehensive enquiry" to look into an anonymous whistleblower's complaint alleging that Kochhar had not adhered to provisions relating to "code of conduct" of the bank. Kannan is now an Executive Director at ICICI Bank.

Meanwhile, ICICI Bank board also recommended to the board of directors of ICICI Prudential Life Insurance Company to appoint N S Kannan as Managing Director & CEO of the company subject to regulatory and other approvals. ICICI director NS Kannan has been named the new operational head of ICICI Pru Life. Bakhshi also served as Deputy Managing Director of ICICI Bank and MD & CEO of ICICI Lombard General Insurance.

The directors tried to soften the blow by saying in a statement that Bakhshi will report to Kochhar.

According to the BS report, some of the board members are of the view that Kochhar should resume office after her leave so as to not cause any uncertainty among shareholders. Before the loan sanction, however, Dhoot transfers a controlling stake in NuPower to an associate, Mahesh Chandra Punglia, who-after securing the loan-sells it to Deepak Kochhar for a mere Rs9 lakh.

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That probe will seek to determine alleged wrongdoing in the sanctioning of a Rs 3,250 crore ICICI loan to the Videocon Group.

Then, in April, Kochhar is reportedly accused of not disclosing that her brother-in-law, Rajiv Kochhar, had helped ICICI Bank's debtors restructure their foreign loans.

On March 28, the ICICI Bank board had backed Kochhar, dismissing all allegations of quid pro quo and favouritism against her in giving a loan to the Videocon Group, which in turn had invested in NuPower Renewables - a company promoted by her husband, Deepak Kochhar.

Kochhar was on the credit committee that approved the loan to Videocon.

Now, ICICI Bank is reportedly considering a reshuffle at the top.

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