former CEO Chanda Kochhar challenged the dismissal decision in Bombay High Court

Business
  • According to the reports, Kochhar’s plea – The bank accepted the retirement application early, then why the dismissal?
  • The bank approved Kochhar’s resignation in October 2018, issued a termination letter in January 2019.
  • Accused of irregularities in Kochhar loan case, bank found him guilty in independent investigation

Former MD and CEO of ICICI Bank Chanda Kochhar has filed a petition in the Bombay High Court against her dismissal. According to media reports, Kochhar says that the bank gave him a termination letter in February 2019, while in October 2018, his application to retire soon was accepted. Kochhar has appealed to the court to intervene, terming the dismissal illegal and unbearable. His petition will be heard on 2 December.

The bank was also asked to return the bonus amount to Kochhar.

According to reports, Kochhar says that on 30 January 2019, he was told by the Chief HR Officer of ICICI Bank that on the basis of the investigation report of retired Justice BN Srikrishna, the board decided that his separation from the bank would be considered a dismissal. They will also have to return the bonus amount received from April 2009 to March 2018. During this period, Kochhar received a bonus of Rs 7.4 crore. Kochhar is accused of irregularities in the Videocon loan case.

On January 22, the CBI registered an FIR against Chanda Kochhar, husband Deepak Kochhar and Videocon promoter Venugopal Dhoot. The Enforcement Directorate (ED) is also investigating money laundering. The CBI had also issued a lookout notice against Chanda Kochhar so that she could not go abroad. ICICI Bank had given a loan of Rs 1,875 crore between 2009 and 2011 to Videocon Group. There are allegations of irregularities and corruption against Chanda Kochhar

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