ICICI's Chanda Kochhar To Go On Leave, Sandeep Bakhshi Appointed COO

Agencies
June 19, 2018

Mumbai, Jun 19:  ICICI Bank named group veteran Sandeep Bakhshi as its interim head, and said Chief Executive Chanda Kochhar would go on leave pending the completion of a probe over an alleged conflict of interest that has led to months of controversy for the lender.

Bakhshi, who currently heads ICICI's life insurance arm, will take up a newly created position of chief operating officer at the bank for a five-year term beginning June 19, pending regulatory approvals, the bank said in a statement late on Monday.

Bakhshi will report to the bank's board during the period of Kochhar's leave and will be responsible for handling all the businesses and corporate centre functions, ICICI Bank said. All the executive directors of the bank and its executive management would report to Bakhshi.

Kochhar, 56, who has been CEO of ICICI Bank, India's third-biggest lender by assets, since May 2009, has faced allegations of favouring Videocon Group, a consumer electronics and oil and gas exploration company, in the bank's lending practices. Videocon's founders had an investment in a renewable energy company founded by Kochhar's husband.

ICICI Bank's board, which had initially backed Kochhar calling the alleged nepotism charges against her "malicious and unfounded", last month said it would institute a probe headed by an independent person into allegations raised by an anonymous whistleblower.

"In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has decided to go on leave till the completion of the enquiry," the bank said.

The bank has yet to provide any details of the probe. Local media has reported B.N. Srikrishna, a retired judge of India's Supreme Court, will lead the probe.

Bakhshi started his career with the ICICI group in 1986 and has looked after the group's corporate, retail lending and insurance businesses. He has headed ICICI Prudential Life Insurance Co Ltd since 2010 and helped take the company public in 2016.

"Bakhshi is part of the ICICI culture. So, from that perspective, he is the right choice as the senior-most person within the ICICI umbrella after Kochhar," said Shriram Subramanian, founder of proxy advisory firm InGovern.

"That should be taken favourably by investors," Subramanian said, although he criticised the bank's board for not having acted more decisively in tackling the controversy.

The bank's New York-listed shares rose 3.6 percent by 1647 GMT on the news. Its Mumbai-listed shares had closed 3.7 percent higher before the announcement.

Chanda Kochhar has not commented on the issue. Her husband Deepak Kochhar has denied any wrongdoing, as has the head of the Videocon group.

N.S. Kannan, currently an executive director at ICICI Bank, is set to be the new CEO of ICICI Prudential Life, the bank said.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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News Network
November 29,2024

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Bengaluru: An FIR has been registered against Vishwa Vokkaliga Mahasamastana Mutt seer Kumara Chandrashekaranatha Swamiji for his communally provocative and anti-constitution remarks.

He made the statement during a protest meeting organised by the Bharatiya Kisan Sangh here on Tuesday against notices issued by Karnataka's Waqf board.

Urging everyone to unite to protect farmers and their land, Swami said that a law should be brought in where Muslims community don't have the voting power.

Stating that it should be ensured there is no Waqf board, he said someone taking away someone else's land is not "Dharma".

"...everyone should fight against injustice being caused to farmers...it is said that the Waqf board can claim anyone's land. It is a big injustice...someone taking away someone else's land is not Dharma... So, everyone should fight to ensure that farmers' land remains with them," the seer had said.

However, on Wednesday, Swami expressed regret over his statement, calling it a "slip of tongue".

He said Muslims are also citizens of this country, and they too have voting rights like others.

Based on the complaint by a social worker, the FIR was registered against him on Wednesday at Upparpet police station here, police said.

"We have registered a case against him (Swami) under section 299 (Deliberate and malicious acts, intended to outrage religious feelings of any class by insulting its religion or religious beliefs) of the Bharatiya Nyaya Sanhita," a senior police officer said.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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