Mumbai, July 5 -- ICICI Bank and Prudential Corp. Holdings have signed a letter of undertaking under which the UK insurer will temporarily give up board representation and abstain from voting on matters requiring special resolutions at ICICI Prudential Life Insurance while it pursues the acquisition of a controlling stake in Bharti Life Insurance, according to exchange filings on Sunday.

The undertaking, signed between the two promoters of ICICI Prudential Life on Saturday, seeks to address potential conflicts of interest arising from Prudential's proposed acquisition of Bharti Life. The agreement comes ahead of ICICI Prudential Life applying to the Insurance Regulatory and Development Authority of India (Irdai) to reclassify Prudential ...