Moneycontrol
Last Updated : Jun 29, 2018 12:23 PM IST | Source: Moneycontrol.com

ICICI Bank up nearly 2% as board appoints Girish Chaturvedi non-executive part-time Chairman

ICICI Bank board of directors appointed Girish Chandra Chaturvedi as an additional (Independent) director effective July 1, 2018 for a period of 3 years.

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ICICI Bank share price gained 1.7 percent intraday on Friday after the board appointed Girish Chandra Chaturvedi as non-executive part-time Chairman.

The country's largest private sector lender informed exchanges that the board of directors appointed Girish Chandra Chaturvedi as an additional (Independent) director effective July 1, 2018 for a period of 3 years subject to the approval of shareholders as the term of office of M K Sharma expires on June 30, 2018.

The board also approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 or the date of receipt of RBI approval for such appointment whichever is later in the vacancy caused by cessation of term of M K Sharma {Independent Director & Chairman), the bank said.

Chaturvedi, who is from the 1977-batch of IAS officer and has more than 40 years of experience, had retired as Secretary Ministry of Petroleum and Natural Gas in January 2013.

He also served as director (Government Nominee) on the Boards of Canara Bank, Bank of Baroda, IDBI Bank, IDFC, GIC Re of India, New India Assurance, United India Insurance, Agriculture Insurance Company of India, Institute of Banking Personnel Selection and National Insurance Academy.

He also was the Chairman of Pension Fund Regulatory & Development Authority, Petronet LNG, Indian Strategic Petroleum Reserves and Oil Industries Development Board.

The bank said Chaturvedi is not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other such authority.

At 12:10 hours IST, the stock price was quoting at Rs 275.50, up Rs 4.35, or 1.60 percent on the BSE.
First Published on Jun 29, 2018 12:18 pm
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