Chanda Kochhar, former chief executive officer and managing director of ICICI Bank, received another setback from the Supreme Court. The Supreme Court on Tuesday dismissed the petition of former ICICI chief executive officer (CEO) Chanda Kochhar in which she dismissed him from the bank. The judgment was rejected by the Bombay High Court rejecting the application filed against.
A bench headed by Justice Sanjay Kishan Kaul said, “Excuse us, we are not willing to interfere in the order of the High Court.” The apex court said that the matter is between a private bank and an employee. The bench was hearing Chanda Kochhar’s appeal in which he challenged the order passed by the High Court on March 5. The High Court had dismissed the application against the dismissal of ICICI Bank’s Managing Director and CEO position and underlined that the dispute arose from the contract of personnel service.
The appeal was rejected by the Bombay High Court
In March this year, the Bombay High Court dismissed a petition filed against the removal of Chanda Kochhar, former managing director and chief executive officer of ICICI Bank, following which Chand Kochhar approached the Supreme Court. The High Court also said that the dispute related to Kochhar is based on contract and it is a matter of a private institution.
Chanda Kochhar’s petition against sacking dismissed by the Bombay High Court
Know what was the whole matter
Kochhar was fired from his job a few months after leaving his bank from the country’s second largest private sector bank. Kochhar filed a petition in the High Court on 30 November 2019, challenging the decision to be fired from his job. Kochhar’s lawyer Vikram Nanakani argued that the bank accepted Kochhar’s voluntary resignation on 5 October 2018. Therefore, it is illegal for him to be fired later.
Kochhar had also said in his petition that the bank has refused to pay his salary and bonus and share option income received between April 2009 and March 2018. Kochhar is alleged to have played an alleged role in illegally giving a loan of Rs 3,250 crore to the Videocon group and benefited her husband Deepak Kochhar. It was only after the matter came to light that Kochhar had to resign from his post.
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