Chanda Kochhar found guilty of misconduct by Srikrishna Committee

The Justice B.N. Srikrishna Committee that probed allegations against Chanda Kochhar, the former CEO and MD of ICICI Bank, has found that she violated the bank's code of conduct in dealing with conflict of interest and fiduciary duties in the case of loans to Videocon that had routed a part of the money to a company owned by her husband Deepak.

Following receipt of the enquiry report, the bank's Board of Directors decided to treat her 'separation' as a 'termination for cause' under the bank's policies that will include revocation of all her existing and future entitlements such as unpaid amounts, bonuses, increments and stock options.

(With inputs from agencies.)