NEW DELHI: After a statement issued by ICICI bank against Former ICICI Bank chief Chanda Kochhar, she said that "she is utterly disappointed, hurt and shocked" after the bank concluded that she had violated the code of conduct and internal policies that resulted in a conflict of interest, and officially sacked her today.

While Ms Kochhar had quit her post last October after allegations that her family has benefited from an Rs. 3,250-crore loan granted by the bank to the Videocon Group in 2012. The Central Bureau of Investigation has filed a case against her, her husband Deepak Kochhar and Videocon chief Venugopal Dhoot.

Ms Kochhar said in a statement this evening that "she reiterates that none of the credit decisions at the bank are unilateral," she said The ICICI is an institution with established robust processes and systems which involve committee based collective decision making. The structure obviates the possibility of a conflict of interest.

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the ICICI Bank said Ms Kochhar allegations of loan irregularities would treat her exit as "termination for cause". This means the cancellation of her increments, bonuses, medical benefits and stock options and she has to return bonuses paid from April 2009 to March 2018. According to ICICI, the inquiry report concluded that Ms Kochhar had violated the bank's "code of conduct, its framework for dealing with conflict of interest and fiduciary duties and in terms of applicable Indian laws, rules and regulations".

However, The CBI said the Kochhars and Venugopal Dhoot had obtained a loan for the Videocon Group through massive irregularities and channelled part of it into a firm founded by Deepak Kochhar, suggesting a quid pro quo. Ms Kochhar was part of the team that decided to grant the Rs. 3,250 crore loan, which was part of a Rs. 40,000 crore loan that Videocon got from a group of 20 banks led by the State Bank of India

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