SC refuses to entertain Chanda Kochhar’s plea against termination as ICICI Bank CEO

  • | Tuesday | 1st December, 2020

New Delhi: The Supreme Court on Tuesday refused to entertain former ICICI Bank CEO and Managing Director Chanda Kochhar’s plea challenging a previous order passed by the Bombay High Court. Earlier, the high court had dismissed a petition she filed against her termination as ICICI Bank chief last year.

New Delhi: The Supreme Court on Tuesday refused to entertain former ICICI Bank CEO and Managing Director Chanda Kochhar’s plea challenging a previous order passed by the Bombay High Court. Earlier, the high court had dismissed a petition she filed against her termination as ICICI Bank chief last year.

On November 20, Kochhar had moved the top court challenging her termination from the bank and sought benefits — including pension, bonuses, stock options — after her retirement. Kochhar’s fresh petition challenged a Bombay High Court order from March 5 that dismissed her petition against termination, claiming that it was done under a private contract and cannot be challenged. Chanda Kochhar was not happy with the high court’s decision and decided to approach the Supreme Court. However, the top court has also decided to not interfere in the matter.

Kochhar was terminated on January 30, 2019 almost four months after her voluntary resignation was accepted by ICICI Bank on October 4, 2018. She, therefore, claimed that the termination was “illegal” and unsustainable under law. The former ICICI Bank CEO and MD had approached the Bombay High Court in November 2019, claiming that her termination was in violation of rules and added that the private lender had not sought any prior approval from the Reserve Bank of India (RBI). She said it was a breach of Section 35B(1) of the Banking Regulation Act. Chanda Kochhar had voluntarily resigned after an internal ICICI Bank inquiry had found Kochhar guilty of violating disclosure norms on conflict of interest. The board of the bank also said her October 2018 exit would not be treated as normal resignation but as dismissal from service.



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