ICICI inquiry found Chanda Kochhar violated bank's code of conduct

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of the bank's code of conduct.

The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was a lack of diligence with respect to annual disclosures and violation of the code of conduct, on her part. The board of the bank based on the report has decided to treat her resignation as 'Termination for Cause' under the bank's internal policies.