Chanda Kochhar, the first woman CEO of a bank in the country, led the ICICI bank for nearly a decade. A report by former SC judge, B N Srikrishna has found Chanda guilty of violating ICICI Bank’s code of conduct. For violating various regulations, ICICI bank treated her resignation as a “termination for cause” on Wednesday evening.The bank asked her to repay over Rs 10 crore in bonuses since April 2009, and said it would revoke her stock options. Chanda Kochhar may have to repay ICICI about Rs 350 crore. 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.
Assuming that the value of her unvested, vested and unexercised stock options is Rs 343 crore, Kochhar might be liable for repayment of Rs 353.12 crore.