Non-compliance with Income Tax Act, irregularity in ‘retiral benefit’: Congress questions ‘no salary paid’ to Buch claim

Congress questions ICICI Bank's payment to SEBI Chairperson Madhabi Buch, highlighting discrepancies in salary and ESOPs post-retirement.

The Congress on Tuesday (September 3, 2024) questioned the ICICI Bank’s assertion that it had not paid any salary or granted ESOPs to SEBI Chairperson Madhabi Buch after her retirement and asked that if the amount paid to her was her “retiral benefit”, why was it non-uniform both in terms of its frequency and amount.

Mr. Khera had flagged out the discrepancy regarding the irregularities on the payment paid out to Ms. Puri Buch. After ICICI bank explained that the ₹5.03 crores received by Ms. Buch was her retiral benefit, the Congress statement pointed out that after receiving the amount in 2014- 2014, she again received the amount starting from 2016 till 2021

Mr. Khera claimed that though her salary from 2007 up until 2013- 2014 was ₹130 lacs per annum, the retiral benefit she received from the bank from 2016-17 to 2020-21 averaged to ₹277 lacs per annum.

“How can a person retiral benefit be more than her salary as an employee?”, the Congress questioned in its statement.

Pointing out several gaps in the clarification provided by the ICICI bank, the Congress has also alleged that though the bank said that their employees, including the retired employees, are allowed to exercise their ESOPs (Employee Stock Option Plan) anytime up to a period of 10 years, the ESOP policy mentioned in the ICICI bank website states a retired employee can exercise their ESOP within a maximum of three months following their voluntary termination.

Ms. Buch was able to exercise her ESOPs eight years after her termination. The Congress asked, if there was any changes made to the policy, why it was not made publicly available.

The Congress doubted that the ESOPs given to her, might be sourced from other employees in violation of rights of other ICICI bank employees.