Chanda Kochha Goes On Leave During Videocon Probe: Sandeep Bakshi Is COO

INDIA’ S second largest private bank ICICI has announced that  it’s Chief Executive Officer -CEO-Chanda Kochhar  goes on leave until the completion of an inquiry into alleged conflict of interest, and named Sandeep Bakhshi, the head of its life insurance unit, as chief operating officer (COO) of the bank. Bakhshi, whose appointment is for a period of five years beginning June 19, pending regulatory approvals, will report to Kochhar, the bank said in a statement. The new COO will report to the bank’s board during her leave. “Bakhshi will be responsible for handling all the businesses and corporate centre functions at the Bank,” the bank said in a statement. All executive directors of the bank and the executive management would report to him as per the statement.
The Mumbai headquartered bank has constituted an internal panel headed by Supreme Court of India’s
Retired Judge BN Srikrishna is probing the accusation made by some whistleblowers related to favouritism and improriety.It
is alleged that she had not disclosed her spouse Deepak Kochar’s business link with Videocon ‘s Dhoots.