The Board of Directors of ICICI Bank has approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 subject to regulatory approvals, after the current Chairman MK Sharma's term ends. In a regulatory filing to BSE, the bank stated, " This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr Girish Chandra Chaturvedi as an Additional (Independent) Director effective July 1, 2018, for a period of 3 years subject to the approval of shareholders. The term of office of M. K. Sharma expires on June 30, 2018.

Earlier there were reports that the bank will have a system of rotating Chairman after Sharma's term ends. The other members in the board include- Dileep Choksi, Uday Chitale, Neelam Dhawan, M D Mallya, Radhakrishnan Nair and V K Sharma. his Board will play an important role, considering the bank's CEO Chanda Kochhar is on indefinite leave till the completion of external inquiry against her in the Videocon loan matter.

On June 18, ICICI Bank announced the appointment of Sandeep Bakhshi as Wholetime Director and Chief Operating Officer (COO) designate as its MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" in relation to the allegations levelled against her.

The bank also appointed N.S. Kannan as the Managing Director and Chief Executive Officer (CEO) of ICICI Prudential Life Insurance Company. According to a report on Mint, Chaturvedi’s appointment comes after a third whistleblower complaint, which alleged that ICICI Bank inflated their profits to the tune of $1.8 billion in the last eight years.

(With inputs from IANS)

(The above story first appeared on LatestLY on Jun 29, 2018 02:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).