Chennai: ICICI former chief executive Chanda Kochhar may have have to repay the lender about Rs 350 crore due to the bank’s invocation of the termination clause, reports have said.
The report released by a daily, stated that Kochhar has received up to Rs 343 crore in employee stock options (ESOPs) issued since FY09 and about Rs 10 crore as cash bonus.
Data from the bank’s annual reports showed that 94 lakh shares were issued to Kochhar between FY09 and FY18, the period for which the bank has sought a claw-back of all dues and stock options. However, it is not clear yet how many of those options had been exercised and vested, it stated.
Chanda received shares in all the years except in 2009, between FY09 and FY18, the bank’s annual reports showed, said reports.
The annual reports showed that Kochhar was paid total cash bonuses of Rs 10.12 crore, which she may have to pay back. 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.
In a statement after the indictment by the Justice BN Srikrishna-led committee, ICICI Bank said due to the ‘termination for cause’ under the bank’s internal policies and code of conduct, the bank would revoke all her existing and future entitlements.
It is expected that these would include any unpaid amounts, unpaid bonuses or increments, unvested, vested and unexercised stock options and medical benefits, and also require the claw-back of all bonuses paid between April 2009 and March 2018.