The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.
An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct.
The enquiry report submitted by Justice (Retd) BN Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part. The board of the bank based on the report has decided to treat her resignation as Termination for Cause' under the bank's internal policies.
ICICI Bank in its statement said, "The Enquiry Report,concluded, primarily on account of ineffectively dealing with conflict of interest anddue disclosure or recusal requirements, that Ms Chanda Kochhar was in violation of
the ICICI Bank Code of Conduct, its framework for dealing with conflict of interestand fiduciary duties, and in terms of applicable Indian laws, rules and regulations."
It further said, "The Enquiry Report also concluded that her lack of diligence with respect to annual disclosures as required by the Bank in terms of its internal policies, the ICICI Bank
Code of Conduct and applicable Indian laws, rules and regulations on her interests(direct or indirect) towards avoidance of conflict of interest, when considered thatthe Bank’s processes were dependent solely on the directors discharging their fiduciary duty to recuse themselves and avoid conflict, implies that the Bank's processes were rendered ineffective by her approach to such disclosures and avoidance of conflict."
ICIC said, " Board of Directors decided to treat the separation of Ms Chanda 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, unvested and vested & unexercised stock options, and medical benefits), and require the clawback of all bonuses paid from April 2009 until March2018, and to take such further actions as may be warranted in the matter."
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