Ex-CEO Chanda Kochhar guilty of violating the bank’s Code of Conduct

Mangalore Today News Network

New Delhi, Jan 30, 2019 : ICICI Bank in a press release dated Wednesday, 30 January said that its independent enquiry found its former chief executive officer (CEO) Chanda Kochhar guilty of violating the bank’s Code of Conduct.

 

The press release comes after a committee, headed by former Supreme Court judge BN Srikrishna, submitted its probe report in connection with the Rs 3,250-crore ICICI bank-Videocon loan case on the same day.

 

According to the findings by the Srikrishna committee, the release stated that Kochar was in “violation of ICICI Bank Code of Conduct, its framework for dealing with conflict of interest and fiduciary duties.”

The release further added that due to Kochhar’s “lack of diligence” on its annual disclosures, ICICI bank’s processions were hindered.

The release concluded saying that the bank would treat Kochhar’s exit as a ‘Termination for Cause’ under the Bank’s internal policies. In other words, Kochhar’s termination would revoke of all her existing and potential entitlements from April 2009 to March 2018.