Kochhar has been on long leave to facilitate the independent investigation, which is being conducted by former Supreme Court judge B N Srikrishna
She championed many social causes but it was her inspiring rise to the top that was most admired
Kochhar made her reputation of a decisive leader and her style included a punishing work schedule
The bank and Kochhar have been maintaining there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband
Kochhar has completely denied any knowledge of her husband's dealings with Videocon
Kochhar has also apprised Sebi of the current status of outstanding loans to the Videocon group
Chanda Kochhar is currently under investigation for charges of conflict of interest over a loan given to the Videocon group, which had business dealings with her husband
The resolution comes in the face of the conflict of interest for clearing loans to Videocon group which, in turn, invested in Nupower Renewables, a firm owned by Kochhar's husband
Kochhar, the CEO and MD of ICICI Bank, had been sent on leave after the bank appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against her
The annual general meeting of shareholders is scheduled for August 30
Kochhar, MD & CEO of ICICI Bank, is currently under scrutiny for her role in extending loans to the Videocon group, a conflicted party
On the latest quarterly losses posted by the bank, Chaturvedi said they were due to RBI norms
He further said that pending the report Kochhar remains the CEO of ICICI Bank
Chanda Kochhar is also a director for ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company and ICICI Prudential Asset Management Company
Kochhar did not respond to the notice by the June 7 deadline
ICICI Bank may face a penalty of up to Rs 250 million under the relevant Sebi regulations for such lapses, while the fine for Kochhar may go up to Rs 10 million, besides other penal actions.
Accusations about improper loan evaluation procedures at the highest level should have been addressed much before now
Chanda Kochhar will be on leave till completion of the enquiry. However, she will continue to remain the CEO and MD of the bank
The ICICI board, which consists of 12 members, is divided on whether Kochhar should be on leave during the internal enquiry
Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts including in Mauritius as part of their own probes