HYDERABAD: Chanda Kochhar, former MD & CEO of ICICI Bank, is yet to return paid and unpaid bonuses, increments and other benefits, nearly three months after the board belatedly terminated her services for violation of the bank’s Code of Conduct and for her lack of diligence with respect to annual disclosures.
According to sources, Kochhar sought “some clarifications” with regards to revocation of existing and future entitlements, but was yet to comply with the board’s decision. “Basically, the ESOP part gets automatically operated; she doesn’t have to return it. In the sense, we have frozen those stock options... Bonuses and other entitlements that she has to return...that in fact has not happened yet because she has asked for certain things...we have provided it for her. Let’s see how things happen,” a board member told Express.
He declined to disclose the actual quantum that was to be clawed back or the nature of clarifications she sought from the board. Kochhar couldn’t be immediately reached, while questions sent to ICICI Bank did not elicit any response.
Following Justice Srikrishna panel’s report, the bank’s board revoked all existing and future entitlements of Kochhar, including any unpaid amounts; unpaid bonuses or increments; unvested, vested and unexercised stock options, and medical benefits. It clawed back all bonuses paid from April 2009 to March 2018. As per the bank’s annual reports, Kochhar received bonuses worth Rs 9.82 crore and had nearly 57 lakh unexercised stock options, which have now been revoked. “Bonuses that need to be deposited back to us have not happened.
We have provided it (clarifications she sought) to her, hopefully, she will finalise,” the board member said, adding that he was unaware whether Kochhar will contest the board’s decision.