Money & Banking

ICICI Bank to resume seeking approval from RBI to appoint Sandeep Batra as whole-time director

Our Bureau Mumbai | Updated on September 16, 2020

ICICI Bank said it will resume seeking approval from the Reserve Bank of India for the appointment of Sandeep Batra as a whole-time director.

The proposal was approved by its board in a meeting on Wednesday.

“...the board today approved the proposal to resume seeking approval from RBI for the appointment of Sandeep Batra as a whole-time director (designated as Executive Director) of the Bank, for a period of five years or date of retirement, whichever is earlier, effective from September 17, 2020 or the date of approval from RBI, whichever is later,” it said in a regulatory filing.

The RBI has in November last year rejected a proposal by ICICI Bank for appointment of Batra as an executive director (ED) after SEBI penalised him in a case related to merger of Bank of Rajasthan.

However, the Securities Appellate Tribunal in its order dated September 10, 2020, had amended the SEBI order levying the penalty of ₹2 lakh and had converted it into a warning.

“Therefore, in the facts and circumstances of the matter we convert the monetary penalty of ₹2 lakh imposed on the Appellant to that of a warning. However, we also make it clear that such a warning on a lapse committed in May, 2010 shall not come in the way of career advancement of the Appellant 10 years thereafter, as the Appellant has already suffered consequences of the impugned order in his career,” said paragraph 11 of the SAT order.

Published on September 16, 2020

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