Videocon case: Kochhar yet to return ICICI Bank bonus

TIL Desk/Business/Mumbai/ Former ICICI Bank managing director (MD) and chief executive officer (CEO) Chanda Kochhar has so far not abided by the order of the bank to return the money she had got as bonus and the stock options between April 2009 and March last year. Sources say Kochhar is yet to pay back despite reminders.The bank board on January 30 said it would claw back all the perks she got.

This followed a report by a probe panel, headed by former Supreme Court judge B N Srikrishna, which indicted Kochhar for allegedly violating the bank’s code of conduct in the Videocon loan case. Initially, the private lender is learnt to have sent a few reminders but later, sometime in May, when Kochhar had communicated to the bank about her objections on treating her resignation as termination.

The bank did not pursue the matter, said a source privy to the development. The source added the bank might take up the matter with the regulators, including the Reserve Bank of India (RBI) and Securities and Exchange Board of India, and seek their intervention. An email sent to ICICI Bank did not elicit a comment. Text messages to Kochhar remained unanswered.

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