Govt man skips ICICI Bank Board meet... awaits probe report on Kochhar

"If government nominee attends the board meet then it would be found endorsing board view. (The) government thinks that the govt view can be overruled as they are minority shareholder," official sources said when asked why the director (Lok Ranjan joint secretary in the finance ministry) skipped crucial board meeting of ICICI Bank on Monday.

On Monday, the board meeting was to broadly approve the quarterly and annual financial results of ICICI Bank.

So, it would be prudent to attend board meeting only after the feedback from various investigative agencies are out, sources said.

The government nominee director also skipped the board meeting called on Tuesday to discuss strategy, budget and planning for 2018-19.

When asked what would be the government stance on ICICI bank case, sources said it would take stand based on regulatory and investigative report.

There are series of allegations of impropriety at ICICI Bank -- extending loans to some companies and enjoying reciprocal benefits.

It is alleged that family members Kochhar, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.

The issue is being investigated by multiple agencies, including CBI and Income Tax Department.

Amid controversy of alleged conflict of interest involving ICICI Bank and its CEO, former Sebi chief M Damodaran has said one option is for her to step down for a period of three or four months till the investigation is completed.