ICICI Bank on Wednesday decided to treat former chief executive Chanda Kochhar’s separation last October as “a termination for cause” after a probe report found her guilty of violating the bank’s code of conduct when sanctioning loans of Rs 3,250 crore to the Videocon group that were linked to quid pro quo investments in her husband’s firm.

Retired judge B.N. Srikrishna, who was appointed by the bank last June to enquire into a whistleblower’s complaint of kickbacks related to the bank’s loans to the Videocon group, also found that Kochhar had failed to disclose her conflict of interest in the Videocon loan case and did not recuse herself from the deliberations of the bank’s loan approval committee.

The bank’s board of directors has decided to revoke all her existing and future entitlements including unpaid bonuses, stock options and medical benefits. The bank will also claw back all the bonuses that were paid out between April 2009, when she was first appointed as CEO of the bank, and March 2018.

The bank said it would take further action against her as may be warranted.

In a late-night response, Kochhar said she was “utterly disappointed, hurt and shocked” by the bank’s decision and said she had not been given a copy of the Justice Srikrishna report.

Kochhar said that the robust structure of the bank’s decision-making process did not allow anyone to subvert it and none of its credit decisions were unilateral. “I am certain that truth will prevail,” she added.

Hetal Dalal, chief operating officer at Institutional Investor Advisory Services, a shareholder proxy advisory firm, said: “The clawback is necessary. But it is open to question whether it should have been from 2009 when she was appointed as CEO.”

Last week, the CBI had filed an FIR against Kochhar, her husband Deepak Kochhar, Videocon group managing director Venugopal Dhoot and six others for criminal conspiracy and cheating.

The CBI had also recommended an investigation against several head honchos of the financial world who were part of the loan approval committee, prompting Union minister Arum Jaitley to slam the probe agency for its “investigative adventurism” in targeting the “entire who’s who of the banking industry”.

It is not known what the Srikrishna report, which isn’t going to be made public, has said about the role of the illustrious bankers in the Videocon case.