A probe by the ICICI Bank has found that the bank’s former CEO and Managing Director Chanda Kochhar had violated its code of conduct in the Videocon loan case.
A probe by the ICICI Bank has found that the bank’s former CEO and Managing Director Chanda Kochhar had violated its code of conduct in the Videocon loan case.
The investigation, led by retired Supreme Court judge BN Srikrishna, was looking into alleged quid-pro-quo in the Videocon loan case.
The findings have prompted the bank to treat Kochhar’s resignation as a termination, which implies that unpaid benefits to her will be "clawed back.”
In a release on Wednesday, the bank said:
- Chanda Kochhar was in violation of the ICICI Bank ‘Code of Conduct’ and its framework for dealing with conflict of interest and fiduciary duties.
- The Enquiry Report also concluded that she failed to discharge her fiduciary duty to recuse herself to avoid any conflict of interest.
- The bank’s processes were rendered ineffective by her approach to such disclosures and avoidance of conflict.
The investigation, led by retired Supreme Court judge BN Srikrishna, was looking into alleged quid-pro-quo in the Videocon loan case.
The findings have prompted the bank to treat Kochhar’s resignation as a termination, which implies that unpaid benefits to her will be "clawed back.”
In a release on Wednesday, the bank said:
- Chanda Kochhar was in violation of the ICICI Bank ‘Code of Conduct’ and its framework for dealing with conflict of interest and fiduciary duties.
- The Enquiry Report also concluded that she failed to discharge her fiduciary duty to recuse herself to avoid any conflict of interest.
- The bank’s processes were rendered ineffective by her approach to such disclosures and avoidance of conflict.