Shikha Sharma, Axis Bank case: Lender reacts, this is what it said

Private sector Axis Bank today said there was a standard process for senior appointments in the bank and the process of reappointment of MD and CEO Shikha Sharma was still on. The bank statement came in as a clarification sought from stock exchanges in response to a media report today saying the Reserve Bank of India had asked Axis Bank to reconsider Sharma's reappointment. Earlier in July 2017, the board of directors of the bank had approved the re-appointment of Shikha Sharma as the managing director and chief executive officer for three years with effect from June 1, 2018. The board decision is pending regulatory approval.

The veteran banker is serving the second term that comes to an end in June 2018. She joined Axis Bank in 2009 with a five-year mandate which was subsequently extended. "The bank's board follows a standard process with regard to senior appointments, and forwards its recommendations to the regulator (to the extent required). This process is currently under progress," Axis Bank said in a regulatory filing.

"We have no further comments to offer as the report appearing in the media is speculative," the bank clarified. Media reports were rife until a year ago about her re-appointment with the bank and also that she was sounded out by salt-to-information technology conglomerate Tata Sons to head company's financial services business. Stock of Axis Bank ended 2.20 per cent down at Rs 498.20 on BSE.