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State News

Mar 05, 2020
1:38PM

Bombay HC dismisses Chanda Kochhar's plea against termination of employment

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The Bombay High Court today dismissed a petition filed by Chanda Kochhar against her termination as the Managing Director and Chief Executive Officer of the ICICI Bank. A division bench of Justices N M Jamdar and M S Karnik accepted the bank's contention that Kochhar's petition was not maintainable as the dispute was contractual and concerns a private body.

Kochhar was terminated from the ICICI Bank months after she voluntarily left the second largest private sector lender. The high profile former banker moved the high court on November 30, 2019, challenging the termination of her employment by the ICICI Bank.

She contended that the bank also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar.

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