Tue Sep 03 13:07:16 UTC 2024: – ICICI Bank denied allegations that SEBI Chairperson Madhabi Puri Buch was drawing a salary from the bank group after leaving the entity
– The bank clarified that it had not paid any salary or granted any ESOPs to Ms. Buch after her retirement
– Ms. Buch had opted for superannuation in 2013 and received compensation during her employment with the ICICI Group
– The bank explained that ESOPs vest over time and retired employees have the choice to exercise them within 10 years
– Income tax rules treat the difference between exercise price and allotment price as perquisite income and the bank deducts perquisite tax on this income
– All payments to Ms. Buch post-retirement accrued during her employment with the group, including ESOPs and retiral benefits.

Read More