Chanda Kochhar Violated Code Of Conduct: ICICI Bank

New Delhi, January 31: On Wednesday, ICICI Bank, said that the former MD & CEO Chanda Kochhar had violated the code of conduct in connection with the alleged quid pro quo in the loan case of Rs 3,250 crore. This involves Videocon Chairman Venugopal Dhoot, Chanda Kochhar’s husband Deepak Kochhar. The inquiry led by Justice B. N. Srikrishna has also found lack of diligence to annual disclosures as required by ICICI Bank.

“The Inquiry Report, with the period of April 1, 2009 to March 31, 2018, said initially on account of ineffectively dealing with conflict of interest and due disclosure or recuse requirements, that Mrs 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,” ICICI Bank said in a statement.

The BOD s of the Bank have decided to treat the separation of Mrs Kochhar from the bank as a ‘Termination for Cause’ under the bank’s internal policies, schemes and the Code of Conduct, with all attendant consequences including revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, invested and unexercised stock options, and medical benefits, and require the callback of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the matter, ICICI Bank said in a regulatory filing.