{"id":240018,"date":"2020-12-02T12:33:19","date_gmt":"2020-12-02T07:03:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=240018"},"modified":"2020-12-04T14:02:31","modified_gmt":"2020-12-04T08:32:31","slug":"read-why-supreme-court-refused-to-interfere-with-chanda-kochhars-termination-as-icicis-md-ceo","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/02\/read-why-supreme-court-refused-to-interfere-with-chanda-kochhars-termination-as-icicis-md-ceo\/","title":{"rendered":"Read why Supreme Court refused to interfere with Chanda Kochhar’s termination as ICICI’s MD, CEO"},"content":{"rendered":"

Supreme Court<\/strong>: The 3-judge bench of Sanjay Kishan Kaul, DInesh Maheshwari and Hrishikesh Roy, JJ has refused to interfere with the termination of Chanda Kochhar as the Managing Director and CEO of ICICI Bank. The bench said,<\/p>\n

“We are not inclined to interfere with the impugned order for the reason that the only controversy in these proceedings is whether the resignation of the petitioner having earlier been accepted and thereafter her services been terminated, the latter could take place or not. This would fall within the realm of contractual relationship between the petitioner and the private bank.”<\/span><\/p><\/blockquote>\n

Chanda Kochhar, the Ex- Managing Director and CEO of ICICI Bank, was terminated from her service and same was approved by the Reserve Bank of India (RBI). ICICI, in its meeting held on 29 May 2018, constituted an enquiry by a retired Judge of the Supreme Court of India. In June 2018 the Petitioner informed ICICI that Petitioner would go on leave till the enquiry is completed. By letter dated 3 October 2018, the Petitioner sought early retirement. ICICI, by the communication dated 4 October 2018 accepted the request for early retirement subject to certain conditions. On 27 January 2019, the report of the enquiry was submitted. The report was adverse to the Petitioner. In the meeting held on 30 January 2019, the Board of the ICICI treated the separation of the Petitioner\u2019s service as a Termination for Cause. A communication to that effect was issued to the Petitioner. By further communication dated 1 February 2019, ICICI revoked the retirement benefits of the Petitioner. Correspondence ensued between the parties. The Petitioner called upon the ICICI to restore to the Petitioner the existing and future entitlements, including unpaid amounts, stock options, medical benefits. ICICI refused the request.<\/p>\n

On 05.03.2020, the Bombay High Court<\/a> had, in Chanda Deepak Kochhar v. ICICI Bank Ltd.,\u00a02020 SCC OnLine Bom 374<\/a>,<\/b> refused to interfere with Kochhar’s termination and had said,<\/p>\n

“… merely because the approval under Section 35B(1)(b) is questioned, that cannot infuse a public law element in this dispute, which remains a contractual dispute. For the contractual remedies, the Petitioner will have to approach the appropriate forum and not writ jurisdiction.”<\/span><\/p><\/blockquote>\n

[Chandra Deepak Kochhar v. ICICI Bank Ltd., 2020 SCC OnLine SC 969<\/b><\/a>, order dated 01.12.2020]<\/p>\n

\n

For Petitioner:<\/strong> Senior Advocate Mukul Rohatgi<\/span><\/p>\n

For Respondent:<\/strong> Senior Advocate\u00a0 Darius Khambata<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Supreme Court: The 3-judge bench of Sanjay Kishan Kaul, DInesh Maheshwari and Hrishikesh Roy, JJ has refused to interfere with the termination <\/p>\n","protected":false},"author":121,"featured_media":154914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[33524,43130,33525,7272],"class_list":["post-240018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-chanda-kochhar","tag-contractual-relationship","tag-icici-bank","tag-writ-jurisdiction"],"yoast_head":"\nRead why Supreme Court refused to interfere with Chanda Kochhar's termination as ICICI's MD, CEO | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The investigation concluded with Justice Srikrishna finding Kocchar guilty of violating the lender\u2019s code of conduct. On 30-01-2019, the board of ICICI Bank\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/chanda-kocchar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/chanda-kocchar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/chanda-kocchar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/chanda-kocchar.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/01\/chanda-kocchar.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":243351,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/04\/it-appears-that-chanda-kochhar-has-misused-her-official-position-in-sanctioning-loans-to-videocon-group-read-courts-order-issuing-process-against-the-former-md-ceo-of-icici-bank\/","url_meta":{"origin":240018,"position":1},"title":"‘It APPEARS that Chanda Kochhar has misused her official position in sanctioning loans to Videocon Group’: Read Court’s order issuing process against the former MD & CEO of ICICI Bank","author":"Bhumika Indulia","date":"February 4, 2021","format":false,"excerpt":"Sessions Court, Greater Bombay: Abhijeet A. Nandgaonkar, Additional Sessions Judge, issued summons, being of the prima facie opinion that Chanda Kochhar, Former MD and CEO of ICICI Bank may have misused her official position in sanctioning loans to Videocon Group and got illegal gratification through her husband. FACTUAL MATRIX Accused\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226660,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/bom-hc-icici-bank-ltd-petition-challenging-chanda-kochhars-termination-order-not-maintainable-a-writ-would-not-lie-to-enforce-purely-private-law-rights\/","url_meta":{"origin":240018,"position":2},"title":"Bom HC | ICICI Bank Ltd. — Petition challenging Chanda Kochhar’s termination order not maintainable; A Writ would not lie to enforce purely private law rights","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"Bombay High Court:\u00a0A Division Bench of M.S. Karnik and Nitin Jamdar, JJ., addressed the petition filed by ex-MD of ICICI Bank Limited -- Chanda Kochhar regarding the challenge towards her termination order. The present petition was by the Ex- Managing Director of ICICI Bank who was terminated from her service.\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":308806,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/12\/09\/supreme-court-dismisses-chanda-kochhar-plea-for-interim-release-of-retiral-benefits-by-icici-legal-news\/","url_meta":{"origin":240018,"position":3},"title":"Supreme Court dismisses former ICICI CEO Chanda Kochhar\u2019s plea for interim release of Retiral benefits","author":"Editor","date":"December 9, 2023","format":false,"excerpt":"Earlier, the Bombay High Court had denied her plea for reinstatement of her Employee Stock Options.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Chanda Kochhar Retiral benefits","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/12\/Chanda-Kochhar-Retiral-benefits.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/12\/Chanda-Kochhar-Retiral-benefits.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/12\/Chanda-Kochhar-Retiral-benefits.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/12\/Chanda-Kochhar-Retiral-benefits.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":313290,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/06\/bombay-high-court-rules-arrest-chanda-kochhar-deepak-kochhar-illegal-videocon-loan-fraud-legal-news\/","url_meta":{"origin":240018,"position":4},"title":"[Videocon Loan Fraud Case] Bombay High Court rules arrest of ICICI Bank’s former CEO Chanda Kochhar and Deepak Kochhar, illegal","author":"Arunima","date":"February 6, 2024","format":false,"excerpt":"Bombay High Court deemed the arrest of ex-ICICI Bank CEO Chanda Kochhar and her husband unlawful, amidst allegations of irregularities in Videocon loans raising questions about procedural fairness and legal scrutiny.","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"Videocon loan fraud case","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/videocon-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/videocon-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/videocon-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/videocon-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":291358,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/05\/chanda-kochhar-news-bombay-hc-refuses-interim-relief-of-retirement-benefits\/","url_meta":{"origin":240018,"position":5},"title":"Interim relief would cause \u2018irreparable harm and prejudice\u2019; Bombay High Court refuses interim relief to Chanda Kochhar, former MD & CEO of ICICI Bank seeking retirement benefits","author":"Arunima","date":"May 5, 2023","format":false,"excerpt":"Bombay High Court observed that it is not appropriate for a Court to hold a mini trial at the stage of grant of temporary injunction.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Bombay High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-581.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-581.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-581.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-581.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/240018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=240018"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/240018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154914"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=240018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=240018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=240018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}