An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct.

The enquiry report submitted by Justice (Retd) B.N. Srikrishna on Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.

The board of the bank based, on the report, has decided to treat her resignation as ‘Termination for Cause' under the bank's internal policies.