The retired SC judge BN Srikrishna conducted an investigation into alleged ICICI Bank Ltd.’s loans case. The committee found that former MD and CEO Chanda Kochhar violated the lender’s code of conduct.
The Enquiry Report also concluded that she failed to discharge her fiduciary duty. The findings has called for Kochhar’s termination. The bank will revoke all her existing and future entitlements. It will also claw back all bonuses paid to her from April 2009 until March 2018.
Interestingly, Chanda Kochhar the authorities had given a clean chit 10 months ago. But after the findings of Srikrishna Committee, the committee has now reversed the orders. Kochhar said she was “utterly disappointed, hurt and shocked by the decision.”
In a statement she said, “I have served ICICI for the last 34 years with all my dedication and hard work. I have never shied away from taking tough decisions. This decision from the Bank has caused me immense hurt and pain.”