‘Buch’s ICICI pension exceeds her salary’: Cong launches fresh attack on Sebi chief
A day after the Congress alleged that Sebi chief Madhabi Puri Buch had drawn Rs 16.8 crore salary from ICICI Bank even after becoming a member of the market regulator, the party continued its attack on Buch and the Centre today.
Congress spokesperson Pawan Khera said on Tuesday that the post-retirement package Buch had received from ICICI was even heftier than the salary she was drawing when she worked for the bank.
Addressing a press conference here on Tuesday, Khera wondered how her retirement benefits could be more than the salary. Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other post-retirement benefits turned out to be Rs 2.77 crore annually on an average, Khera said.
Khera claimed that there was a break in the payment drawn by Buch from ICICI in 2015-16, which again resumed in 2016-17 when she joined SEBI as a whole-time member. “There is a particular year which shows no salary drawn by Buch. This technically ended her relationship with ICICI. But when she became a whole-time member of SEBI, the payments again resumed,” Khera said.
Buch had started her career in 1989 with ICICI Bank and remained with the bank till she opted for retirement on October 31, 2013.
The bank said in a statement on Monday that Buch had not been paid any salary or granted any ESOPs by the Bank or its group companies after her retirement, other than her retirement benefits.
Khera said while ICICI claims that its employees and retired employees have the choice to exercise their ESOPs up to a period of 10 years, it has written on an American website that if one resigns from ICICI Bank, then ESOPs can be exercised within three months of resignation. However, Buch was still running ESOPs even after eight years of quitting, Khera said and wondered if all ICICI employee got this kind of facility.
‘Resumption’ of salary under lens
There is a particular year which shows no salary drawn from ICICI by Buch. This technically ended her relationship with ICICI. But when she became a whole-time member of SEBI, the payments again resumed. — Pawan Khera, cong leader
