ICICI Bank postpones AGM by a month

Private-sector lender ICICI Bank on Monday postponed its annual general meeting (AGM) by over a month to September 12. The AGM was earlier scheduled for August 10.

“We wish to draw reference to our letter dated 13th July 2018, indicating the revised Annual General Meeting(AGM) date of 12th September 2018 and the revised dates of book closure between 28th August 2018 and 12th September 2018 (both days inclusive),” the lender said in a regulatory filing, adding, “We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group.”

The bank has commissioned an enquiry into whistleblower allegations of quid pro quo and conflict of interest against managing director and chief executive officer Chanda Kochhar with respect to loans given to some corporate groups. The enquiry committee is being headed by former Supreme Court judge BN Srikrishna. Last month, the bank said an anonymous complaint received by it in March 2018 alleged irregularities in the conduct of 31 loan accounts with an outstanding of Rs 6,082 crore, representing over 1% of the bank’s gross loans, including a charge of incorrect asset classification.

An enquiry carried out under the supervision of the audit committee of the bank’s board found that in some of the accounts there were transactions which may have delayed their classification in the non-performing asset (NPA) category.

ICICI Bank’s shares ended at Rs 259.30 on Monday, down 3.3% from the previous day’s close.

ICICI Bank