ICICI Bank 2016 Annual Report Download - page 28

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Directors’ Report
Annual Report 2015-2016
1. Includes transfer of ` 19.47 billion on account of sale of part of equity investment in the Bank’s insurance subsidiaries during
fiscal 2016.
2. Includes transfer of ` 9.3 million to Reserve Fund for fiscal 2016 (` 7.7 million for fiscal 2015) in accordance with regulations
applicable to the Sri Lanka branch.
3. During fiscal 2015, an amount of ` 9.29 billion was utilised with approval of Reserve Bank of India (RBI) to provide for outstanding
Funded Interest Term Loan related to accounts restructured prior to the issuance of RBI guidelines in 2008. Refer detailed note no.
25 in schedule 18 ‘notes to accounts’ of the financial statements.
4. Includes dividend for the prior year paid on shares issued after the balance sheet date and prior to the record date.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The provisions of Section 186(4) of the Companies Act, 2013 requiring disclosure in the nancial statements of the full
particulars of the loans given, investment made or guarantee given or security provided and the purpose for which
the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security is not
applicable to a banking company.
SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES
3i Infotech Limited, which was considered as an associate under Section 2(6) of the Companies Act, 2013, ceased to be
an associate of the Bank effective May 13, 2015.
The particulars of subsidiary and associate companies as on March 31, 2016 have been included in Form MGT-9 which is
annexed to this report as Annexure D.
PERFORMANCE AND FINANCIAL POSITION OF SUBSIDARIES, JOINT VENTURES AND
ASSOCIATES
The performance and nancial position of subsidiaries and associates of the Bank as on March 31, 2016 has been
annexed to this report as Annexure A.
The Bank will make available separate audited nancial statements of the subsidiaries to any Member upon request.
These documents/details are available on the Bank’s website (www.icicibank.com) and will also be available for inspection
by any Member or trustee of the holder of any debentures of the Bank at its Registered Ofce and Corporate Ofce.
As required by Accounting Standard-21 (AS-21) issued by the Institute of Chartered Accountants of India, the Bank’s
consolidated nancial statements included in this Annual Report incorporate the accounts of its subsidiaries and other
consolidating entities. A summary of key nancials of the Bank’s subsidiaries is also included in this Annual Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS
FUTURE OPERATIONS
There are no signicant and/or material orders passed by the Regulators or Courts or Tribunals impacting the going
concern status of future operations of the Bank.
DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL
Changes in the composition of the Board of Directors and other Key Managerial Personnel
K. V. Kamath ceased to be a Director on the Board of the Bank effective close of business hours on June 30, 2015. The
Board placed on record its deep appreciation of K. V. Kamath’s leadership of the ICICI Group as the CEO of ICICI Bank till
2009, and as Chairman of the Bank's Board thereafter for a period of six years.
Pursuant to the approval granted by Reserve Bank of India (RBI), M. K. Sharma was appointed as the independent non-
executive (part-time) Chairman on the Board of the Bank effective July 1, 2015 upto June 30, 2018. The appointment was
approved by the Members through a postal ballot on April 22, 2016.