ICICI Bank 2010 Annual Report Download - page 12

ICICI Wealth Management Inc., a subsidiary of ICICI Bank Canada, has been
dissolved effective December 31, 2009.
As approved by the Central Government vide letter dated April 9, 2010
under Section 212(8) of the Companies Act, 1956, copies of the balance
sheet, profit & loss account, report of the board of directors and report of
the auditors of each of the subsidiary companies have not been attached
to the accounts of the Bank for fiscal 2010. The Bank will make available
these documents/details upon request by any Member of the Bank. These
documents/details will be available on the Bank’s website www.icicibank.
com and will also be available for inspection by any Member of the Bank
at its Registered Office and Corporate Office and also at the registered
offices of the concerned subsidiaries. As required by Accounting
Standard-21 (AS-21) issued by the Institute of Chartered Accountants of
India, the Bank’s consolidated financial statements included in this Annual
Report incorporate the accounts of its subsidiaries and other entities.
A summary of key financials of the Bank’s subsidiaries is also included
in this Annual Report.
DIRECTORS
The Members at their Fifteenth Annual General Meeting held on June 29,
2009, approved the appointment of Sandeep Bakhshi, Deputy Managing
Director, N. S. Kannan, Executive Director & CFO and K. Ramkumar, Executive
Director. Reserve Bank of India (RBI) vide its letter dated July 2, 2009 approved
the appointment of Sandeep Bakhshi. RBI vide its letter dated June 16, 2009
approved the appointment of N. S. Kannan and K. Ramkumar.
T. S. Vijayan, Chairman, Life Insurance Corporation of India, and a
non-executive Director of the Bank resigned from the Board effective
November 24, 2009. Pursuant to the provisions of the Banking Regulation
Act, 1949, P. M. Sinha retired from the Board effective January 22, 2010 and
L. N. Mittal, Anupam Puri and Marti Subrahmanyam retired from the Board
effective May 3, 2010 on completion of eight years as non-executive
Directors of the Bank. The Board placed on record its deep appreciation
and gratitude for their guidance and contribution to the Bank.
The Board at its Meeting held on January 21, 2010 appointed
Homi R. Khusrokhan, former Managing Director, Tata Chemicals Limited
and V. Sridar, former Chairman, National Housing Bank and former Chairman
& Managing Director, UCO Bank, as additional Directors effective January
21, 2010. Further, the Board at its Meeting held on April 30, 2010 appointed
Tushaar Shah, Senior Fellow at the International Water Management Institute
and former Director of the Institute of Rural Management as an additional
Director effective May 3, 2010. Homi R. Khusrokhan, Tushaar Shah and
V. Sridar hold office upto the date of the forthcoming Annual General
Meeting (AGM) and are eligible for appointment.
Sonjoy Chatterjee, Executive Director resigned from the services of the
Bank effective April 30, 2010.
The Board at its Meeting held on April 30, 2010 approved a proposal for
the appointment of Rajiv Sabharwal as a wholetime Director of the Bank
subject to approval of RBI. Approval of the Members is being sought at
the current AGM for the appointment of Rajiv Sabharwal as a wholetime
Director of the Bank for a period of five years effective only from the date
of receipt of RBI approval.
“Our strategy for fiscal 2010
was to position the balance
sheet for the next phase of
growth. Towards this, we
had a sharp focus on the 4Cs,
CASA improvement, Capital
conservation, Credit quality
improvement and Cost control.
We have made substantial
progress on all the 4Cs during
the year. Going forward, we
will focus on leveraging this
progress, further enhancing
our retail deposit base
and capitalising on growth
opportunities across home
loans, other secured retail
loans, project finance and
commercial banking. Greater
focus on customer centricity,
as articulated by our Khayaal
Aapka campaign, will be a key
enabler of this strategy. We
believe that we are very well
placed to benefit from the
growth opportunities in the
domestic markets to create
value for all our stakeholders.”
- N. S. Kannan
Executive Director and
Chief Financial Officer
Directors’ Report