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The Indian National Congress has raised serious questions about ICICI Bank's claims regarding the compensation of Chanda Kochhar's husband, Deepak Kochhar. The party has pointed out a discrepancy between the bank's public statements and its disclosures to the US Securities Exchange Commission (SEC). Specifically, Congress has questioned ICICI's assertion that Deepak Kochhar received no salary, demanding an explanation for the disparity in retirement benefits offered to employees.
The controversy arose from ICICI's clarification that its employees, including retirees, could exercise their Employee Stock Ownership Plan (ESOP) options within a 10-year window. However, this contradicts the ESOP policy explicitly stated on ICICI's website, which aligns with the SEC filing. The website policy states that former employees can exercise their ESOPs only within three months of their voluntary termination. This discrepancy has fueled suspicion and prompted Congress to seek clarification from the bank.
The Congress party's stance stems from its belief that ICICI's explanations lack transparency and potentially obscure the true nature of Deepak Kochhar's financial benefits. The party is determined to uncover any potential irregularities in the bank's dealings and ensure accountability. The investigation into the discrepancies surrounding Deepak Kochhar's compensation could have significant implications for ICICI Bank's reputation and its future business operations.
Source: Congress questions ICICI's 'no salary paid' to Buch claim, asks why 'retiral benefit' non-uniform