ICICI's Chanda Kochhar To Go On Leave, Sandeep Bakhshi Appointed COO

Agencies
June 19, 2018

Mumbai, Jun 19:  ICICI Bank named group veteran Sandeep Bakhshi as its interim head, and said Chief Executive Chanda Kochhar would go on leave pending the completion of a probe over an alleged conflict of interest that has led to months of controversy for the lender.

Bakhshi, who currently heads ICICI's life insurance arm, will take up a newly created position of chief operating officer at the bank for a five-year term beginning June 19, pending regulatory approvals, the bank said in a statement late on Monday.

Bakhshi will report to the bank's board during the period of Kochhar's leave and will be responsible for handling all the businesses and corporate centre functions, ICICI Bank said. All the executive directors of the bank and its executive management would report to Bakhshi.

Kochhar, 56, who has been CEO of ICICI Bank, India's third-biggest lender by assets, since May 2009, has faced allegations of favouring Videocon Group, a consumer electronics and oil and gas exploration company, in the bank's lending practices. Videocon's founders had an investment in a renewable energy company founded by Kochhar's husband.

ICICI Bank's board, which had initially backed Kochhar calling the alleged nepotism charges against her "malicious and unfounded", last month said it would institute a probe headed by an independent person into allegations raised by an anonymous whistleblower.

"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 enquiry," the bank said.

The bank has yet to provide any details of the probe. Local media has reported B.N. Srikrishna, a retired judge of India's Supreme Court, will lead the probe.

Bakhshi started his career with the ICICI group in 1986 and has looked after the group's corporate, retail lending and insurance businesses. He has headed ICICI Prudential Life Insurance Co Ltd since 2010 and helped take the company public in 2016.

"Bakhshi is part of the ICICI culture. So, from that perspective, he is the right choice as the senior-most person within the ICICI umbrella after Kochhar," said Shriram Subramanian, founder of proxy advisory firm InGovern.

"That should be taken favourably by investors," Subramanian said, although he criticised the bank's board for not having acted more decisively in tackling the controversy.

The bank's New York-listed shares rose 3.6 percent by 1647 GMT on the news. Its Mumbai-listed shares had closed 3.7 percent higher before the announcement.

Chanda Kochhar has not commented on the issue. Her husband Deepak Kochhar has denied any wrongdoing, as has the head of the Videocon group.

N.S. Kannan, currently an executive director at ICICI Bank, is set to be the new CEO of ICICI Prudential Life, the bank said.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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News Network
December 7,2025

envoy.jpg

Since 1946, the United States has attempted 93 coups or “regime change” operations across the world — including two in Iran, US Special Envoy for Syria Tom Barrack has admitted.

Speaking to the UAE-based IMI Media Group, in remarks published by The National, Barrack said Washington tried twice to overthrow the Iranian government but failed both times. 

“For (Trump) then to be imputed with regime change — we had two regime changes in Iran already. Neither one worked. So I think wisely leave it to the region to solve,” said Barrack, who also serves as the US ambassador to Turkey.

His comments come six months after the US joined Israel in airstrikes against Iran during ongoing indirect nuclear negotiations between Tehran and Washington.

On June 13, Israel launched an attack on Iran that killed at least 1,064 people and hit civilian infrastructure. Days later, the United States targeted three nuclear facilities — Fordow, Natanz and Isfahan — in what Iran called a clear violation of international law. Iranian retaliation eventually forced a halt to the assault on June 24.

Barrack further claimed that US President Donald Trump and Foreign Secretary Marco Rubio are “not into regime change” and prefer a regional approach driven by Middle Eastern countries themselves. According to him, regional dialogue and non-interference by outside powers offer a more durable path forward.

He added that Washington is still open to an agreement with Tehran if Iranian authorities show “seriousness” and willingness to engage constructively.

However, Iran maintains the US has not shown readiness for meaningful talks. In an interview with Japan’s Kyodo News, Iranian Foreign Minister Abbas Araghchi said negotiations could advance only if Washington acknowledges Iran’s right to peaceful nuclear energy and lifts unilateral sanctions.

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