Chanda Kochhar, the former managing director, and chief executive officer of ICICI Bank, has sent a legal notice to the lender, objecting the way her resignation was handled and refusing to pay back the bonuses as well as the stock options she was given by the bank during the course of her stint, Business Standard reported.

Kochhar, who has been indicted for flouting the bank's code of conduct in the Videocon loan case, was directed to pay back Rs 10 crore in bonuses she received and give up about six million shares of the bank she had as stock options during her tenure as the CEO of the bank, the report said.

In an aggressive letter sent to her former employer by Kochhar's lawyer, she also inquired as to why her resignation was treated as termination, the report said, citing sources. Her legal team is awaiting the bank's response to decide the subsequent course of action, the report added.

Kochhar is in the dock for failing to disclose possible conflicts of interest after loans were sanctioned to the Videocon group, where her relatives had business interests.

"Chanda Kochhar was in violation of the ICICI Bank code of conduct, its framework for dealing with conflict of interest and fiduciary duties, and in terms of applicable Indian laws rules and regulations," the bank said in a statement citing the probe report.

However, Kochhar's lawyer in the letter has denied the allegations, saying that the credit decisions at the bank were based on collective decision making and were not an individual's prerogative.

First Published:May 20, 2019 9:39 AM IST