Finally, Chanda Kochhar did what she should have done earlier
By delaying her leave inordinately, both Chanda Kochhar and ICICI Bank board pushed themselves into a corner and finally were left with no choice but to remind the world that they care for corporate governance
On 1 June, reacting to a Mint report that the independent directors of ICICI Bank Ltd asked managing director and chief executive officer (CEO) Chanda Kochhar to go on leave till a probe into her conduct by an independent agency is complete, the bank’s stock rose nearly 5%. The probe was announced following a whistleblower’s complaint on her alleged misconduct. After the bank denied the report and said she was on her planned annual leave, shares surrendered most of the gains.