ICICI Bank warns domestic and international shareholders that it faces reputation risk

MUMBAI: In the ongoing investigation into allegations that CEO Chanda Kochhar as a risk factor, the ICICI Bank warned the domestic and international shareholders that the bank is facing a reputation risk and regulatory action. The RBI has waved a green signal to the appointment of Sandeep Bakshi as CEO to the board of the bank.

On Monday, the bank had filed its annual report for Indian and International investors. To comply with listing requirements for the bank’s American depository receipts(ADRs), a balance sheet was filed with the Securities Exchange Commission(SEC).

“We have recently experienced negative publicity with respect to the allegations levelled against Ms Kochhar and her spouse leading up to her leave of absence,” the bank had informed the regulator. The bank also said, “It has received a notice from Sebi for delayed disclosure on May 18, 2010 of its deal to acquire Bank of Rajasthan.”

“The audit committee of the bank under direction given by the board of directors has instituted an independent enquiry headed by a former SC Judfe, B N Srikrishna to consider various allegations relating to Kochhar,”