Chanda Kochhar/Supreme Court: Chanda Kochhar, former chief executive officer (CEO) and manager director (MD) of ICICI Bank, has received a major setback from the Supreme Court. The Supreme Court on Tuesday dismissed Chanda Kochhar’s petition against the Bombay High Court’s decision. In this petition, Chanda Kochhar challenged the decision of the High Court to reject the application filed against the bank’s dismissal.
A bench headed by Justice Sanjay Kishan Kaul said that we are not willing to interfere in the order of the High Court. This matter is between private bank and employee. In March, the Bombay High Court dismissed the petition filed against the removal of Chanda Kochhar, former managing director and chief executive officer of ICICI Bank, from his post. After this Chand Kochhar reached the Supreme Court.
Know what is the whole matter
Chanda Kochhar filed a petition in the High Court on 30 November 2019, challenging the decision to be fired from ICICI Bank. Kochhar’s lawyer argued that the bank accepted Kochhar’s voluntary resignation on 5 October 2018. Therefore it is illegal to be fired later. Kochhar also said in his petition that the bank has refused to give his salary and bonus and share option income received between April 2009 and March 2018.
What is the charge?
Chanda Kochhar is alleged to have allegedly played a role in illegally giving a loan of Rs 3250 crore to Videocon Group and benefited her husband Deepak Kochhar. Only after this matter came to light, Kochhar had to resign from his post. After which the bank fired him. The Enforcement Directorate had earlier this year filed a criminal case against Chanda Kochhar, her husband Deepak Kochhar, Dhoot and others under the PMLA for investigating alleged irregularities and corruption in the case of ICICI sanctioning loan to Videocon Group. After this, the ED also conducted a raid on 1 March to search for evidence.