Chennai: In yet another setback for ICICI former chief Chanda Kochchar, the Supreme Court on Tuesday refused to interfere with the Bombay High Court’s dismissal of her plea against her termination.
The apex court said the issue falls within the realm of a private bank and employee.
The top court was hearing Kochharās appeal against the 5 March order of the high court which had dismissed her plea against termination as managing director and CEO of ICICI Bank, while noting that the dispute arises from a contract of personal service.
The high court had accepted the bank’s contention that Kochhar’s plea was not maintainable as the dispute was contractual and concerns a private body.
During the arguments before the SC, senior advocate Mukul Rohatgi, appearing for Kochhar, said the high court had dismissed her plea on the grounds of maintainability.
“I (Kochhar) was the MD of ICICI bank but bank recalled my earlier resignation and converted it into terminationā, he said, adding, āThis was wrong as it was against the norms”.
However, a bench headed by Justice Sanjay Kishan Kaul, said, “Sorry, we are not inclined to interfere with the High Court orderā. As far as we understand, it is the RBI who can raise issue with the bank. You were in service with a private bank. RBI has to deal with the bank saying that no approval was taken”.
Kochhar, who is facing charges of money laundering, was terminated from the ICICI Bank months after she had voluntarily left the second largest private sector lender.
She had contended before the high court 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 to the Videocon Group which purportedly benefitted her husband Deepak Kochhar.