Private sector ICICI Bank is set to hold its Annual General Meeting on Wednesday, its first since allegations of corporate misconduct and quid pro quo in sanctioning loans were levelled against its Managing Director and CEO Chanda Kochhar earlier this year.
Kochhar, who is on leave of absence pending completion of probe into the allegations, is unlikely to attend the AGM.
The meeting was earlier scheduled for August 10, but was postponed in July due to the sequencing of AGMs of group companies.
This will also be the first AGM of ICICI Bank’s new Non-Executive Chairman GC Chaturvedi as well as that of Chief Operating Officer Sandeep Bakhshi.
Investigation
The two are expected to field questions from shareholders about the recent controversies surrounding the bank, including the investigation by the Central Bureau of Investigation, SEBI, as well as an internal investigation led by retired Supreme Court Judge, Justice BN Srikrishna.
Chaturvedi and Bakhshi, who were appointed just a few months ago, are also likely to spell out their strategy for the coming fiscal year to shareholders and try to ease their concerns about the financial performance of the bank.
Quarterly loss
The private sector lender had also reported its first-ever quarterly loss of ₹120 crore in the April-June quarter of the fiscal due to higher provisioning for bad loans and treasury losses.
Meanwhile, in a clarification to stock exchanges, ICICI Bank said it has not received any notice from the Income-Tax department on the sale of buildings to Videocon Group.
“We would like to clarify that the bank has not received any notice or communication from the I-T Department in this regard,” it said.
The bank’s scrip fell by 1.94 per cent to close at ₹326.60 apiece on the Bombay Stock Exchange.