Chanda Kochhar, former CEO of ICICI bank, reacted today after she was sacked following an inquiry report on allegations of loan irregularities.
According to ICICI Bank, Chanda Kochhar was "in violation of the ICICI bank code of conduct, its framework for dealing with conflict of interest and fiduciary duties and in terms of applicable Indian laws, rules and regulations". Ms Kochhar had quit in October.
In a statement, Ms Kochchar said she was "utterly disappointed, hurt and shocked".
Here is the full text of Chanda Kocchar's statement :
"I am utterly disappointed, hurt and shocked by the decision. I have not been given a copy of the report. I reiterate that none of the credit decisions at the bank are unilateral. ICICI is an institution with established robust processes and systems which involve committee based collective decision making with several professionals of high caliber participating in the decision making. Hence the organization design and structure obviate the possibility of conflict of interest.
I have served ICICI for the last 34 years with all my dedication and hard work. I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organization. This decision from the Bank has caused me immense hurt and pain.
I have pursued my career as an independent professional with utmost honesty, dignity and integrity. I continue to have faith and belief in my conduct as a professional and I am certain that truth will ultimately prevail."