Comments
The Centre has replaced its nominee on ICICI Bank’s Board with effect from April 5.
Lok Ranjan, a joint secretary at Department of Financial Services in the Finance Ministry, has replaced Government nominee Amit Agrawal, sources said.
This move comes at a time when this private sector lender is facing a controversy over alleged irregularities in grant of Rs 3,250 crore loan to Videocon group.
It may be recalled that the Central Bureau of Investigation had a week back registered a preliminary inquiry against Deepak Kochhar, husband of ICICI Bank’s MD & CEO Chanda Kochhar. The investigating agency also named Venugopal Dhoot, Chairman of the Videocon Group, besides unidentified others in the preliminary inquiry
Earlier this week, the ICICI Bank Board had issued a statement reposing “full faith and confidence” in Chanda Kochhar and had said that a review found the bank’s internal processes for credit approval to be robust.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.