ET Bureau

Will the former ICICI Bank chief executive Chanda Kochhar have to repay the lender about Rs 350 crore due to the bank’s invocation of the termination clause ? Back-of-the-envelope calculations by ET showed that Kochhar may have received up to Rs 343 crore in employee stock options (ESOPs) issued since FY09 and about Rs 10 crore as cash bonus.Data collated by ET from the bank’s annual reports showed that 94 lakh shares were issued to Kochhar between FY09 and FY18, the period for which the bank has sought a claw-back of all dues and stock options. But it is not clear yet how many of those options had been exercised and vested, and how many are yet to vest.Between FY09 and FY18, Kochhar received shares in all the years except in 2009, the bank’s annual reports showed. Based on Wednesday’s closing price of Rs 365 per share, the value of Kochhar's accumulated ESOPs awarded in the period aggregates to Rs 343 crore. To be sure, the total value of the shares assumes that she has taken the entire stock allocated in the ESOPs.In a statement after the indictment by the Justice BN Srikrishna-led committee, ICICI Bank said that due to the ‘termination for cause’ under the bank’s internal policies and code of conduct, the bank would revoke all her existing and future entitlements. Those would include any unpaid amounts, unpaid bonuses or increments, unvested, vested and unexercised stock options and medical benefits, and also require the claw-back of all bonuses paid between April 2009 and March 2018.The bank’s annual reports between 2008-09 and 2017-18 also show that Kochhar was paid total cash bonuses of Rs 10.12 crore, which she may have to pay back. Assuming that the value of her unvested, vested and unexercised stock options is Rs 343 crore, Kochhar might be liable for repayment of Rs 353.12 crore.