/dhanam-english/media/media_files/ddmvvL41VOX00JU3u7vh.jpeg)
SEBI chair Madhabi Puri Buch, who is facing multiple allegations of irregularities
ICICI Bank Ltd denied CongressParty's allegations of salary payments or the issue of any employee stock options (ESOPs) to SEBI chair Madhabi Puri Buch, according to a Bombay Stock Exchange (BSE) filing by the company.
“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013," the filing, made on Monday, stated.
Entitled for compensation
Madhabi Puri Buch's employment with the ICICI Group entitled her to receive compensation in the form of salary, retirement benefits, bonus, and ESOPs, as per the company's policies, according to the exchange filing.
According to ICICI Bank's employee stock option (ESOP) rules, the ESOP vests over the next few years from the date of allotment. The rules at the time of her ESOP grant employees and retired employees to have the choice to exercise their stock options anytime up to 10 years from the date of vesting, said the company in the release.
“As per Income Tax rules, the difference between the price of the stock on the day of exercise and the allotment price is treated as perquisite income and is reflected in Part B of the Form16 of employees, including retired employees. The Bank is required to deduct the perquisite tax on this income. In addition, Form -16 covers the payment made towards the retiral benefits of former employees,” said the bank.
Only dues paid
The compensation payments made to Ms Buch after her retirement were for her employment with the group and comprised ESOPs and retirement benefits, according to the company statement.
The allegation started when Congress spokesperson Pawan Khera alleged that Ms Buch received over ₹12 crore in salary from ICICI Bank between 2017 and 2024. He also said Ms Buch received an income of ₹22.41 crore from ICICI Prudential and ESOP worth more than ₹2 crore from ICICI bank during the same period, the spokesperson alleged in a press conference on Monday.
(By arrangement with livemint.com)
