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'Chanda Kochhar violated code of conduct,' says Enquiry report, Bank clawback bonuses of last 9 yrs
'Chanda Kochhar violated code of conduct,' says Enquiry report, Bank clawback bonuses of last 9 yrs

New Delhi: ICICI Bank on Wednesday, 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 involving Venugopal Dhoot, Chanda Kochhar’s husband Deepak Kochhar.  Justice B. N. Srikrishna leads the enquiry which has also found the lack of diligence to annual disclosures as required by the Bank.

In a statement, ICICI Bank said that Ms Chanda Kochhar was in violation of the ICICI Bank Code of Conduct. The statement said  The Enquiry Report, with the scope period of April 1, 2009, to March 31, 2018 (unless specific information required enquiry into transactions or facts of an earlier period), concluded, primarily on account of ineffectively dealing with conflict of interest and due 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 interest and fiduciary duties, and in terms of applicable Indian laws, rules and regulations.”

ICICI Bank said in a regulatory filing said that the board of directors of have 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 and require the recover of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the case.

 

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