Not paid salary, ESOPs to Madhabi Buch post-retirement, says ICICI Bank after Congress allegations
Earlier in the day, the Opposition party alleged that Buch drew an income of Rs 16.8 crore from the bank from 2017 to 2024.
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The ICICI Bank on Monday stated that it has not paid a salary or granted Employee Stock Ownership Plan benefits to Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India, after she retired from the company in October 2013.
The statement came after the Congress, earlier in the day, alleged that Buch drew an income of Rs 16.8 crore from the ICICI Bank from 2017 to 2024, and said that this represented a conflict of interest.
This amount, the party alleged, was over five times the income of Rs 3.3 crore that Buch received from SEBI.
“During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies,” said the ICICI Bank.
It added that under the bank’s Employee Stock Ownership Plan rules, the benefit “vest over the next few years from the date of allotment”.
“As per rules existing at the time of her ESOP grant, employees including retired employees had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting,” read the statement. “All the payments made to Ms. Buch post her retirement had accrued to her during her employment phase...
