Bombay High Court dismisses Chanda Kochhar's petition against ICICI Bank
The Supreme Court today rejected Chanda Kochhar’s appeal against Bombay High Court order, dismissing her petition against termination as managing director and CEO of ICICI Bank.
The Bombay High Court earlier this year had dismissed a petition by Chanda Kochhar against ICICI Bank Ltd on her removal as managing director and chief executive officer (CEO) of the bank.
Kochhar moved the court on 30 November seeking remedy against her removal when the board had already accepted her early retirement request.
India’s second largest private sector bank decided to terminate Kochhar after a committee led by Justice B.N. Srikrishna found that Videocon Industries was granted loans by ICICI Bank and, in quid pro quo, Videocon invested in Nupower Renewables, the company of Kochhar’s husband.
The board also informed Kochhar that it has decided to treat her separation from the bank as “termination for cause" under its internal policies and that it requires clawback of the entire bonus of ₹7.42 crore paid to her from April 2009 until March 2018.