After the ICICI bank decided to sack former CEO Chanda Kochhar from the post, she responded on Wednesday saying "disappointed, hurt and shocked' by the decision of the bank.
Soon after the Srikrishna Committee found Kochhar guilty, ICICI bank decided to treat her resignation as a 'termination for cause'. According to this, the bank will revoke all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits.
The bank will also reclaim from the ex-MD bonuses paid from April 2009 to March 2018. This means, the bank will take back bonuses paid to Kochhar worth Rs. 10 crore for the last nine years.
"I am utterly disappointed, hurt and shocked by the decision," Kochhar, who was on leave from June and finally submitted her resignation in October, said in a statement on Wednesday.
"The organizational design and the structure obviate the possiblity of conflict of interest," she claimed.