Srikrishna committee on Wednesday indicted former ICICI Bank chief executive officer (CEO) Chanda Kochhar of violation of bank's code of conduct.

In June 2018, the audit committee of the bank had instituted an independent enquiry committee, headed by former Supreme Court judge BN Srikrishna, to probe various allegations against Kochhar, including the Rs 3,250-crore ICICI bank-Videocon loan case.

Key highlights of the Justice BN Krishna report

The report said 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.

It also found out that there was a lack of diligence from her with respect to annual disclosures as required by the bank in terms of its internal policies.

The board of directors after receiving the enquiry report decided to treat the separation of Chanda Kochhar from the bank as a ‘Termination for Cause’ under the bank’s internal policies, schemes and the code of conduct.

The board also revoked 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 and require the clawback of all bonuses paid from April 2009 until March 2018.

First Published:Jan 30, 2019 7:11 PM IST