((LiveMint)
The board of ICICI Bank Ltd, which less than two weeks earlier expressed full faith in chief executive officer Chanda Kochhar, is divided over whether to ask her to step down as federal authorities investigate allegations of impropriety over loans made to Videocon group, people with knowledge of the matter said.
At least some outside directors are opposed to Kochhar continuing in her role, according to the people, who asked not to be identified as the information is not public. The board of India’s second-largest private sector bank may meet as early as this week to consider its next course of action, the people said. Kochhar’s current tenure as CEO is set to end on 31 March 2019.
ICICI’s board, which consists of 12 members, reviewed credit approval processes and found them to be robust, according to a 28 March filing. The board headed by chairman M.K. Sharma said there was “no question” of any quid pro quo, nepotism or conflict of interest and expressed “full faith and confidence” in Kochhar, according to the filing.
