ICICI Bank’s Chief Executive Officer (CEO) Chanda Kochhar has gone on leave. The bank in its statement said Kochhar will stay on leave till completion of enquiry on the Videocon loan case. “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 inquiry as announced on May 30, 2018. The Board has noted and accepted this. During her period of leave, the COO will report to the Board,” the statement read.

Meanwhile, the bank has appointed Sandeep Bakshi as its Wholetime Director & Chief Operating Officer designate. He is likely to take over from today. He is currently the Managing Director and CEO of ICICI Lombard General Insurance. Kocchar’s name got embroiled in controversy after reports related to a Rs 3,250 crore loan granted by the bank to the Videocon Group in 2012 surfaced. A whistle-blower alleged in March this year that Kochhar’s husband, Deepak Kochhar and her family members benefited from these dealings. Videocon Group’s Venugopal Dhoot had made investments in NuPower Renewables – a company founded by Kochhar.  In a letter to the PMO, he had spoken of ‘illicit banking and commercial relationship’ between Videocon Group and ICICI Bank MD & CEO Chanda Kochhar’s family.

Even though the ICICI had rejected the accusations of nepotism, on May 30, it announced that its board had decided to institute a comprehensive inquiry to probe the complaint against Kochhar.