Exclusive: ICICI Bank general counsel Pramod Rao is due to leave the bank by April end to enter private practice, according to sources close to the company. He will be succeeded by ICICI Ventures head of legal and compliance Sanker Parameswaran.
Sources close to Rao told Legally India that he was planning to go into legal private practice at an existing firm, or start up a new law firm by himself or with others.
Rao declined to comment when contacted at the time of going to press.
Once Rao leaves at the end of April, Parameswaran is understood to take over leadership of India’s largest in-house legal team of more than 400 lawyers within ICICI Bank, excluding subsidiaries or sister companies.
Parameswaran was formerly vice-president legal at the Indian Hotels Company, and in-house at Amway India and other companies.
Rao started as ICICI Bank general counsel around 2005, when the in-house team was around 120 lawyers in size. He had graduated from NLSIU Bangalore in 1996 from where he joined ICICI Limited after a short stint at Mulla & Mulla.
It is understood that Rao had formally announced his departure within the bank on Wednesday evening (22 February).
An ICICI spokesperson was unavailable for comment at the time of going to press.