The Supreme Court today rejected Chanda Kochhar’s appeal against the Bombay High Court order, dismissing her allegation against termination as managing director and CEO of ICICI Bank.
The Mumbai High Court earlier this year had dismissed a petition by Chanda Kochhar against ICICI Bank Ltd regarding her removal as the bank’s managing director and chief executive officer (CEO).
Kochhar filed an appeal in court on November 30 seeking redress against his dismissal after the board had already accepted his request for early retirement.
India’s second-largest private sector bank decided to fire Kochhar after a committee led by Judge BN Srikrishna discovered that ICICI Bank made loans to Videocon Industries and, in return, Videocon invested in Nupower Renewables, the husband’s company of Kochhar.
While the committee indicted Chanda Kochhar, the board fired her earlier this year after considering the Srikrishna report.
The board also informed Kochhar that it has decided to treat its separation from the bank as “dismissal for good cause” according to its internal policies and that it requires the return of the full bonus of ₹He was paid 7.42 million rupees from April 2009 to March 2018. (With contributions from the agency)
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