ICICI Bank will treat Kochhar’s resignation as ‘Termination for Cause’ and stop payment of unpaid benefits including bonus, said the bank.
New Delhi: An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank’s code of conduct.
The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.
The board of the bank based on the report has decided to treat her resignation as Termination for Cause’ under the bank’s internal policies.
Earlier, the CBI had booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday.
The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case.
“It was alleged that the accused sanctioned certain loans to private companies in a criminal conspiracy with others to cheat ICICI bank,” the CBI spokesperson said.
In addition to Chanda, her husband Deepak and Dhoot, the agency has also named companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries limited as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of prevention of corruption act, they said.
It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012, they said. -PTI