Chanda Kochhar violated Code of Conduct, says ICICI Bank

The bank further said that it would treat Kochhar's resignation as 'Termination for Cause' and would stop payment of unpaid benefits including bonus.

New Delhi: Chanda Kochhar, former CEO of ICICI Bank, had violated the bank's Code of Conduct, the private sector lender said on Wednesday. The bank said that the development surfaced following an independent enquiry.

ICICI Bank further said that it would treat Kochhar's resignation as 'Termination for Cause' and would stop payment of unpaid benefits including bonus.

"Chanda Kochhar was in violation of ICICI Bank Code of Conduct, its framework for dealing with conflict of interest&fiduciary duties. Board of Directors has decided to treat separation of Chanda Kochhar from Bank as 'Termination for Cause' under Bank's internal policies," ICICI Bank said in a statement.

The enquiry report submitted by Justice (Retd) B N Srikrishna concluded that there was a lack of diligence with respect to annual disclosures and violation of the 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.

(With inputs from agencies)