Chanda Kochhar (Photographer: Dhiraj Singh/Bloomberg)

ICICI Bank: ‘Utterly Disappointed, Hurt And Shocked’ Says Chanda Kochhar On Bank Decision

Former ICICI Bank managing director and chief executive officer Chanda Kochhar has said the bank’s decision has caused her “immense hurt and pain”.

Kochhar issued a statement soon after the bank said it was treating her separation as a “termination for cause”and intended to clawback all bonuses and unpaid benefits since April 2009.

The bank statement was issued earlier on Wednesday, after its board considered the Justice Srikrishna-led enquiry report that found Kochhar had violated the bank’s code of conduct. Retired judge Srikrishna had been appointed to look into allegations of quid pro quo in ICICI Bank Ltd.’s loans to Videocon Group.

Chanda Kochhar’s Statement
“I am utterly disappointed, hurt and shocked by the decision. I have not been given a copy of the report. I reiterate that none of the credit decisions at the bank are unilateral. ICICI is an institution with established robust processes and systems which involve committee based collective decision making with several professionals of high caliber participating in the decision making. Hence the organization design and structure obviate the possibility of conflict of interest.

I have served ICICI for the last 34 years with all my dedication and hard work. I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organization. This decision from the Bank has caused me immense hurt and pain.

I have pursued my career as an independent professional with utmost honesty, dignity and integrity. I continue to have faith and belief in my conduct as a professional and I am certain that truth will ultimately prevail.”