The Supreme Court has dismissed the plea of the Chief Executive Officer and Managing Director of ICICI, Chanda Kochhar regarding her termination.The plea was filed by her against the Bombay High Court order, which was refused earlier this year.She had seeked remedy against her removal when the board had accepted her early retirement request. Justice Sanjay Kishan, said that this falls within the Ambit of private contract between the bank and employee hence dismissed it.
The renowned bank had decided to terminate Mrs. Kochhar when they found that Videocon industries was granted loans by ICICI in advantage of granting something in return, therein Videocon had invested this amount in Nupower Renewables which is the company of Mrs.Kochhar’s Husband. This decision was carried by Justice B. N. Srikrishna.
The board has also notified Kochhar that her separation from the bank will be treated as “termination for cause” under its internal policies and the board requires analysis of entire bonus of Rs. 7.42 crore paid to her from April 2009 to March 2018.