After a clean chit to then MD&CEO of ICICI Bank Chanda Kochhar in March last year, here comes the shocker! She is guilty. She is guilty of violating the bank's code of conduct. These are the findings of the B N Srikrishna enquiry on the allegations against Chanda Kochhar. Eight months after the board set up an independent enquiry, the report has finally concluded that the then MD & CEO Kochhar was in violation of the bank's code of conduct, its framework for dealing with conflict of interest and fiduciary duties.
In a board meeting here today, the board had decided to treat the separation of Kochhar from the bank last year as a 'termination of cause' and she is stripped off from the bonuses and other pending entitlements. However, the finding of the Srikrishna contradicts the bank board's clean chit to Kochhar. Let's take a look: