(ET)
Some ICICI Bank directors feel they should wait for a communication or directive from the Reserve Bank of India before taking the next step on the conflict of interest controversy involving CEO Chanda Kochhar and the bank’s loans to Videocon Industries.
This line of thinking has gained ground in recent days, especially after RBI’s direction to Axis Bank to reconsider another term for CEO Shikha Sharma earlier this month and her subsequent decision to step down. In the absence of any regulatory intervention on the issue, the board members believe there isn’t much for them to do on their own to reassure investors or depositors despite the probe by investigative agencies. Directors continue to talk to each other on a regular basis to stay abreast of developments and would take a call on handling the issue if there are any developments, said people in the know.
