MUMBAI: Ten months after the board of ICICI Bank declared it reposed “full faith and confidence” + in Chanda Kochhar, MD and CEO at the time, and “there was no question of…nepotism, favouritism or quid pro quo”, it decided to terminate her services with retrospective effect. It asked her to repay over Rs 10 crore in bonuses since April 2009, and said it would revoke her stock options, the current market value of which is around Rs 346 crore (the loss to her would be the difference between the market value and the price at which the options were allotted).
The move follows a report by former Supreme Court judge + , B N Srikrishna, which found Kochhar guilty of violating the bank’s code of conduct in disbursing loans to Videocon group. Kochhar had gone on “leave” on June 18 last year pending completion of the enquiry, but on October 4, put in her papers, perhaps sensing which way the wind was blowing.
