Former ICICI Bank Chief Chanda Kochhar Moves Bombay HC Challenging Her Termination And Claw Back Of Bonuses

Former ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar has moved the Bombay High Court challenging her termination and claw back of bonuses she received between April 2009 and March 2018.

Kochhar's lawyer argued that ICICI Bank had obtained a post-facto approval for her termination from the Reserve Bank of India (RBI), claiming that it is contravention of the law.

It was submitted that the requirement of prior approval of RBI is mandatory and “cannot be granted ex post facto and the non-fulfillment thereof is incurable and an afterthought”.

Incidentally, Kochhar’s petition has also sought to implead the RBI in the case.

It may be recalled that a committee with Justice B N Srikrishna on board had been appointed to investigate allegations that Videocon Industries was granted loans by ICICI Bank and, in a quid pro quo deal, Videocon invested in Nupower Renewables, the company of Deepak Kochhar who is Chanda Kochhar's husband.

The Justice Srikrishna committee had indicted Chanda Kochhar earlier this year and the ICICI Bank terminated her employment.

The ICICI Bank board took action on the basis of the probe report.