News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay  » Business » Setback for Chanda Kochhar as SC junks her plea for retirement benefits

Setback for Chanda Kochhar as SC junks her plea for retirement benefits

Source: PTI
December 08, 2023 23:16 IST
Get Rediff News in your Inbox:

The Supreme Court on Friday refused to entertain former ICICI bank managing director and CEO Chanda Kochhar's plea seeking retirement benefits from the bank.

Chanda Kochhar

Photograph: PTI Photo from the Rediff Archives

A bench of Justices Sanjiv Khanna and SVN Bhatti said, "Not a case for interference. We are not inclined to interfere with the high court order.

"The special leave petition is dismissed."

At the outset, senior advocate Harish Salve, appearing for Kochhar said the high court had dismissed the petition without any discussion or finding.


The bench said it has seen the facts involved and the case does not warrant any interference.

Kochhar has challenged the Bombay high court's May 3 order, which dismissed her petition saying grant of any interim relief to her would cause irreparable damage and prejudice to the bank.

Meanwhile, another top court bench headed by Justice Bela M Trivedi adjourned the hearing on a separate plea filed by CBI challenging grant of interim bail to Kochhar.

The plea of the probe agency will now be heard on December 11.

In her plea seeking retiral benefits from ICICI bank, Kochhar has referred to various documents and order of the court and said no prima facie case was found in the suit filed by the bank.

Her plea before the top court also referred to the November 2022 order passed by the single judge bench of the high court.

The single judge bench of the high court had directed Kochhar to not deal with the bank's Rs 6.90 lakh shares she had acquired in 2018.

In her plea before the high court, Kochhar sought specific performance of the entitlements and benefits unconditionally provided to her when the bank accepted her early retirement in 2018.

The bank could not have terminated a person who had already retired, the plea said.

The benefits granted to her unconditionally included employee stock options that were exercisable till 2028.

In May 2018, the bank initiated an inquiry against Kochhar following a complaint about her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group that benefited her husband Deepak Kochhar.

Kochhar went on leave thereafter and later applied for early retirement, which was accepted.

The bank had then said it treated her separation as 'Termination for Cause' and also sought regulatory approval from the Reserve Bank of India for her termination of appointment as is mandatory under the provisions of the RBI Act.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!