Private sector lender, ICICI Bank on 2 September said the bank or group hasn’t paid any salary or ESOPs to Sebi Chief Madhabi Puri Bhuch other than her retiral benefits.
“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,” the bank said.
Further, ICICI Bank said it may be noted that she had opted for superannuation with effect from October 31, 2013. 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.
Under the Bank’s ESOP rules, the ESOPs 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, the bank said.
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 said.
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, the bank said.
Earlier, Congress leader Pawan Khera on Monday raised serious concerns about Buch. In a press conference, Khera accused Buch of receiving remuneration not only from the government but also from private entities, including ICICI Bank and ICICI Prudential, while serving in her official capacity, marking this as a serious conflict of interest.