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Disappointed, Hurt & Shocked: Chanda Kochhar on ICICI Probe Report

An independent probe conducted by retired SC judge BN Srikrishna has indicted Kochhar for violating code of conduct.

Updated
Business
2 min read
File Image of Former ICICI Bank CEO Chanda Kochhar. 
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Market regulator SEBI has initiated adjudication proceedings against Videocon Industries (VIL) and its chairman Venugopal Dhoot for alleged violations in its transactions with Deepak Kochhar – Chanda Kochhar’s husband – and his companies, reported The Indian Express.

SEBI, which began probing Dhoot in April 2018, along with Chanda Kochhar, completed the Dhoot probe in November 2018. It has since then, initiated adjudication proceedings after it found Dhoot and VIL in violation of SEBI regulations, according to The Indian Express.

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Chanda Kochhar on Wednesday, 30 January, said she was "disappointed, hurt and shocked" by the ICICI Bank’s decision to treat her resignation as a "termination for cause" after an independent probe indicted her.

Kochhar, the first woman CEO of a bank in the country, also said she served the ICICI group for 34 long years "with all my dedication and hard work" and the bank's latest decision has caused her "immense hurt and pain."

ICICI Bank in a press release dated 30 January had said its independent inquiry found Kochhar, its former chief executive officer (CEO), 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.

‘Have Pursued My Career With Utmost Honesty, Dignity and Integrity’

Kochhar was quick to add, in her statement, that none of the credit decisions at the bank are unilateral and the bank has established processes and systems which involve a committee-based collective decision-making.

"The organisational design and the structure obviate the possibility of conflict of interest," she claimed.

"I have pursued my career as an independent professional with utmost honesty, dignity and integrity. I continue to have faith and belief in my conduct as a professional and I am certain that truth will ultimately prevail," she said.

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.

Disappointed, Hurt & Shocked: Chanda Kochhar on ICICI Probe Report

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.

(With inputs from The Indian Express)

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