ICICI Bank on Thursday has fired Chanda Kochhar with retrospective effect and decided to revoke her perks and stock options.
Soon after the Srikrishna Committee findings came out, the ICICI bank said that it would treat Kochhar's exit as 'Termination for Cause' under the Bank's internal policies. 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 ₹10 crore for the last nine years. Its decision came after retired judge B N Srikrishna’s report concluded that Kochhar had violated the bank’s code on conflict of interest in sanctioning loans to Videocon group and failed to make proper disclosures.