Former CEO Chanda Kochhar may have to return Rs 350 crore to ICICI Bank: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Former ICICI Bank chief executive officer (CEO) Chanda Kochhar might be liable for repayment of Rs 353.12 crore to the lender, reported Economic Times.

The bank’s annual reports between 2008-09 and 2017-18 showed that Kochhar was paid total cash bonuses of Rs 10.12 crore.

According to the report, Kochhar may have received up to Rs 343 crore in employee stock options (ESOPs) issued since FY09 and about Rs 10 crore as cash bonus. The bank’s annual reports data showed that 94 lakh shares were given to Kochhar between FY09 and FY18, the period for which the bank has sought a claw-back of all dues and stock options,

Kochhar received shares in all the years between FY09 and FY18, except in 2009, the bank’s annual reports showed.

ICICI Bank after the indictment by the Justice BN Srikrishna committee report said that due to the ‘termination for cause’ under the bank’s internal policies and code of conduct, the bank would revoke all her existing and future entitlements which would include any unpaid amounts, unpaid bonuses or increments, unvested, vested and unexercised stock options and medical benefits, report said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow