*ICICI Bank settles case with SEBI for ₹28.4 lakh (₹28,40,625)*
*📜Case -* _alleged failure against victimisation of the whistle-blower_
High Powered Advisory Committee in its meeting held on 30.12.2020 considered the revised settlement terms proposed and recommended the case for settlement.
1. The case pertains to a complaint filed by an ex-employee of the bank Samir Kumar Das on January 8, 2019, on the SCORES platform.
2. Das raised issues that he was victimised by the private sector lender in contravention of the whistle-blower mechanism's provisions.
3. Das's contention is that ICICI's rights are limited to transferring an employee only to a group company and not to ICICI Foundation.
4. The bank offered him to join SMEAG (Small Medium Enterprise And Agri Group) on November 13, 2018, to which he expressed reservations to join considering that they were officials against whom he had blown the whistle.
5. The bank did not accept, thereby allegedly violating the code of conduct and corporate governance not giving him a suitable environment to work.
*_The bank's offer to join the ICICI Foundation was detrimental to his interests and his banking career_*
*📍Examination by SEBI*
1. The lender failed to provide appropriate protection against victimisation of the complainant who was the whistle-blower against the bank the order mentioned.
2. SEBI felt satisfied that there are sufficient grounds to inquire and adjudicate upon the aforesaid violations by the Noticee.
*📜Order Copy Available at*
*🔗Source of information*