ICICI Bank may ask independent directors to chair board meetings

With ICICI Bank chairman M K Sharma set to retire at the end of this month, the bank is considering asking independent directors to chair board meetings till a new chairman is appointed. 

Sources say each of the six independent directors will take turns in chairing the meetings. The bank has government nominee Lok Ranjan on the board, who has not attended a single meeting since his appointment in April.

LIC chairman VK Sharma attended the last board meeting on June 18 for the first time, after which MD and CEO Chanda Kochhar went on leave following a nudge from the board. According to a source, MD Mallya was being considered for the top position but the bank is yet to send a formal request to the RBI.