ICICI Bank 2011 Annual Report Download - page 123

F45
` 4.1 million. The remuneration paid for the year ended March 31, 2011 to Ms. Chanda Kochhar was ` 25.2 million
(March 31, 2010: ` 17.3 million), to Mr. Sandeep Bakhshi was ` 7.7 million (March 31, 2010: ` 12.6 million), to Mr. N. S. Kannan
was ` 15.8 million (March 31, 2010: ` 10.2 million), to Mr. K. Ramkumar was ` 17.6 million [March 31, 2010: ` 53.7 million
(includes perquisite value of ` 40.6 million on employee stock options (ESOPs) exercised)], to Mr. Rajiv Sabharwal was ` 9.0
million and to Mr. Sonjoy Chatterjee was ` 4.3 million [March 31, 2010: ` 19.6 million (includes perquisite value of ` 7.9 million
on ESOPs exercised)]. The remuneration paid for the year ended March 31, 2010 to Mr. V. Vaidyanathan was ` 1.9 million.
Sale of fixed assets
During the year ended March 31, 2011, the Bank sold fixed assets to its subsidiaries amounting to ` 0.9 million
(March 31, 2010: ` 574.2 million) and to its associates/joint ventures/other related entities amounting to ` 2.8 million
(March 31, 2010: Nil). The material transactions for the year ended March 31, 2011 were with ICICI Merchant Services Private
Limited amounting to ` 2.8 million (March 31, 2010: Nil), ICICI Securities Limited amounting to ` 0.8 million (March 31, 2010:
` 2.8 million) and with ICICI Home Finance Company Limited amounting to Nil (March 31, 2010: ` 570.0 million).
Purchase of fixed assets
During the year ended March 31, 2011, the Bank purchased fixed assets from its subsidiaries amounting to ` 10.9 million
(March 31, 2010: ` 21.3 million). The material transactions for the year ended March 31, 2011 were with ICICI Home
Finance Company Limited amounting to ` 9.9 million (March 31, 2010: Nil) and with ICICI Securities Limited amounting
to ` 0.2 million (March 31, 2010: ` 19.2 million).
Sale of gold coins
During the year ended March 31, 2011, the Bank sold gold coins to ICICI Prudential Life Insurance Company Limited
amounting to ` 0.9 million (March 31, 2010: ` 50.7 million).
Donation
During the year ended March 31, 2011, the Bank has given donation to ICICI Foundation for Inclusive Growth amounting
to ` 61.0 million (March 31, 2010: ` 153.0 million).
Purchase of loan
During the year ended March 31, 2011, the Bank has purchased a loan from ICICI Bank UK PLC amounting to ` 688.7 million
(March 31, 2010: Nil).
Transfer of merchant acquiring operations
During the year ended March 31, 2010, the Bank and First Data, a company engaged in electronic commerce and
payment services, formed a merchant acquiring alliance and a new entity, 81% owned by First Data, was formed, which
has acquired ICICI Bank’s merchant acquiring operations through transfer of assets, primarily comprising fixed assets
and receivables, and assumption of liabilities, for a total consideration of ` 3,744.0 million. This transfer of assets and
liabilities to the new entity would be considered a ‘slump sale’ for tax purposes. The Bank realised a profit of ` 2,029.0
million from this transaction, which was included in Schedule 14 – “Other income” for the year ended March 31, 2010.
Letters of Comfort
The Bank has issued letters of comfort on behalf of its banking subsidiaries, ICICI Bank UK PLC and ICICI Bank Canada.
The details of the letters are given below.
On behalf of To Purpose
ICICI Bank UK PLC Financial Services
Authority, UK (FSA)
Financially support ICICI Bank UK PLC to ensure that it
meets all of its obligations as they fall due.
ICICI Bank Canada Canada Deposit
Insurance
Corporation (CDIC)
To comply with the Bank Act and the CDIC regulations
or by-laws thereunder and to indemnify CDIC against
all losses, damages, reasonable costs and expenses
arising from failure of ICICI Bank Canada in performing
the same.
The Bank has issued an undertaking on behalf of ICICI Securities Inc. for Singapore dollar 10.0 million (` 353.9 million)
to the Monetary Authority of Singapore (MAS) and has executed indemnity agreement on behalf of ICICI Bank Canada
to its independent directors for a sum not exceeding Canadian Dollar 2.5 million (currently equivalent to ` 115.0 million)
each, aggregating to Canadian Dollar 10 million (currently equivalent to ` 460.0 million). The aggregate amount of ` 813.9
million is included in the contingent liabilities.
forming part of the Accounts (Contd.)
schedules