ICICI Bank 2014 Annual Report Download - page 12

“We believe that a
culture of sensitivity
and care helps to build
service orientation.
When employees
experience sensitivity
and care, they
understand the soul of
servicing and hence can
serve our customers
too, exemplifying
these qualities. We
strive hard to combine
care and competence
in all engagements
with our customers.
This philosophy has
helped ICICI Bank to
develop as a caring yet
demanding meritocracy
for employees and
a caring delivery
centric organisation
for customers. Our
endeavour is to provide
our customers the caring
service touch of ICICI
Bank across all channels
ranging from branches to
the technology-enabled
channels.”
K. RAMKUMAR
Executive Director
Directors’ Report
the provisions of the aforesaid circular are in force. The provisions of
this circular are valid for the disclosure of accounts for fiscal 2014. 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 consolidating entities. A
summary of key financials of the Bank’s subsidiaries is also included in
this Annual Report.
THE COMPANIES ACT, 2013
The Ministry of Corporate Affairs (MCA) has notified 282 sections of
the Companies Act, 2013 (CA2013/Act) in tranches in September 2013
and March 2014 with majority of the sections as well as rules being
notified in March 2014. The Companies Act, 1956 continues to be in
force to the extent of the corresponding provisions of the CA2013
which are yet to be notified. MCA vide its Circular dated April 4, 2014
has clarified that the financial statements and documents annexed
thereto, auditor’s report and board’s report in respect of financial year
that have commenced earlier than April 1, 2014 shall be governed by
the provisions of the Companies Act, 1956 and in line with the same,
the Bank’s financial statements, auditor’s report and Board’s report
and attachments thereto have been prepared in accordance with the
provisions of the Companies Act, 1956. With respect to other provisions
of the Act, appropriate references have been made in this report to the
extent these provisions have become applicable effective April 1, 2014.
DIRECTORS
Changes in the composition of the Board of Directors
Swati Piramal, a non-executive Director of the Bank, resigned from
the Board effective February 26, 2014. The Board placed on record
its appreciation and gratitude for her guidance and contribution to
the Bank.
The Board, at its Meeting held on March 6-7, 2014, appointed V. K.
Sharma, Managing Director of Life Insurance Corporation of India as an
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