Business

Disappointed and shocked by the bank's decision, continue to have belief in my conduct as a professional, says Chanda Kochhar

Updated : January 31, 2019 06:21 AM IST

The leading private sector lender, which had given a clean chit to Kochhar in the Videocon loan matter, will also treat her resignation as 'Termination for Cause'.

Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018.

Responding to the findings of Srikrishna committee, former CEO and managing director of ICICI Bank Chanda Kochhar said she is utterly disappointed, hurt and shocked by the bank's decision, and continues to have belief in her conduct as a professional.

"I reiterate that none of the credit decisions at the bank are unilateral and I am certain that truth will ultimately prevail," she said.

In a major embarrassment for ICICI Bank, an independent enquiry by Justice BN Srikrishna has indicted Kochhar for violating various regulations, and the lender has decided to stop all unpaid retirement benefits and also recover bonuses paid to her since 2009.

The leading private sector lender, which had given a clean chit to Kochhar in the Videocon loan matter, will also treat her resignation as 'Termination for Cause'.

"I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organisation," she added.

Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018.

There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

The allegation of conflict of interest was levelled by whistle blower Arvind Gupta.

Later, in March, another unnamed whistle-blower complained against the bank and its top management, including Kochhar, alleging a deliberate delay in recognising impairment in 31 loan accounts between 2008 and 2016 to save on provisioning costs.