However, the so-called retiral benefit given by ICICI to Madhabi Buch from 2016-17 to 2020-21 averages to around Rs 2.77 crore per annum.How can a person’s retiral benefit be more than her salary as an employee?” the Congress leader asked.The bank’s clarification states that “employees, including retired employees, had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting”, Khera said, adding that however, the only ESOP policy ICICI has publicly disclosed on its website is the one uploaded on the US Securities Exchange Commission (SEC) website, and it clearly states that former employees can exercise their ESOPs within a maximum of three months following their voluntary termination.Where is this “revised policy” under which Buch was able to exercise ESOPs eight years after the voluntary termination of her services, the Congress leader asked.”Why hasn’t the revised policy been made publicly available by the ICICI? Why was Ms Madhabi Buch allowed to exercise ESOPs at a time when the share price of this company increased substantially, thereby benefitting her? And strangely, this benefit that accrued to her coincided with her tenure at the SEBI. Wasn’t the market price beneficial to her?” he asked.Were the ESOPs given to Buch sourced from the Employees’ ESOPs Trust and if so, was this not prejudicial to the interests of the other employees of ICICI, Khera asked.He also asked why did ICICI pay the TDS on ESOPs on behalf of Buch and whether it follows the same protocol for all its past and present employees.”Why did ICICI not offer this TDS amount as taxable income of Ms Madhabi P Buch? Is this not a clear non-compliance of the Income Tax Act?” Khera asked.The Congress alleged on Monday that Buch, who joined the Securities and Exchange Board of India (SEBI) as a member in 2017 and subsequently, became its chairperson, received Rs 16.8 crore from the ICICI Bank as salary and other compensation.In a statement, the bank said, “ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. 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, it added.”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,” it said.
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