Chanda Kochhar sacked after probe panel indictment

Her termination means her increments, bonuses, medical benefits and stock options, have been cancelled. She has to return bonuses paid from April 2009 to March 2018, ICICI bank said in its statement.

Chanda Kochhar, who was named as one of the world’s most powerful women by Forbes a year ago, is now removed as the chief executive officer (CEO) of ICICI Bank.
 
The ICICI Bank board, on Wednesday, terminated her services after the Srikrishna panel report indicted her on several counts.
 
Her termination means her increments, bonuses, medical benefits and stock options, have been cancelled. She has to return bonuses paid from April 2009 to March 2018, ICICI bank said in its statement.
 
The former Supreme Court Justice B N Srikrishna committee was appointed by ICICI Board in July last year, to look into the role of Chanda Kochhar in the Rs 3,250-crore loan given to Videocon.
 
In its report, the Srikrishna panel said the bank and she herself failed to make crucial disclosures relating to loans and did not follow the required recusal policies while sanctioning them to parties related to her. The Srikrishna panel report is based on Kochhar’s role during the period from 1 April 2009 to 31 March 2018. 
 
“Chanda Kochhar was in violation of the ICICI Bank code of conduct, its framework for dealing with conflict of interest and fiduciary duties, and in terms of applicable Indian laws, rules and regulations," the bank said in an exchange filing. It also faulted her for lack of diligence with respect to annual disclosures as required by the bank.
 
The Central Bureau of Investigation (CBI), in March last year, filed an FIR against Deepak Kochhar and Dhoot to investigate into irregularities in the ₹40,000 crore loan.
 
Kochhar said in a statement on Wednesday that ICICI Bank’s decision has caused her “immense hurt and pain". “I am utterly disappointed, hurt and shocked by the decision," she said. “I reiterate that none of the credit decisions at the bank are unilateral. I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organization. I continue to have faith and belief in my conduct as a professional and I am certain that truth will ultimately prevail."
 
Source: Media reports

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