{"id":308806,"date":"2023-12-09T11:00:00","date_gmt":"2023-12-09T05:30:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=308806"},"modified":"2023-12-10T10:12:42","modified_gmt":"2023-12-10T04:42:42","slug":"supreme-court-dismisses-chanda-kochhar-plea-for-interim-release-of-retiral-benefits-by-icici-legal-news","status":"publish","type":"post","link":"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\/","title":{"rendered":"Supreme Court dismisses former ICICI CEO Chanda Kochhar\u2019s plea for interim release of Retiral benefits"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Supreme Court<\/span>: In an appeal against the Bombay High Court\u2019s order, whereby interim relief to Chanda Kochhar was denied for reinstatement of her Employee Stock Options (\u201cESOPs\u201d) under the Employee Stock Option Scheme (\u201cESOS\u201d) and clawback of bonuses and revocation of retirement benefits, including vested and unvested ESOPs, the Division Bench of Sanjiv Khanna and SVN Bhatti, JJ. dismissed Kochhar\u2019s petition.<\/p>\n<p style=\"margin-bottom: 3%;\">Kochhar was working with the ICICI bank as Managing Director and Chief Executive Officer when in July 2016, a news article surfaced containing allegations against her about loans granted to Videocon Group companies as a quid pro quo for investments by Mr. Venugopal Dhoot of Videocon Group or his affiliates in NuPower Renewables Pvt. Ltd. (\u2018NRPL\u2019). NRPL is a company promoted by Mr. Deepak Kochhar, husband of the appellant. Justice B N Srikrishna Committee was formed to conduct an independent inquiry into the allegations against her. While the inquiry was still pending, she addressed a letter requesting the Board of Directors of the ICICI to grant her early retirement. Therefore, she was seeking reinstatement of her ESOPs under the ESOS.<\/p>\n<p style=\"margin-bottom: 3%;\">The ICICI filed a suit seeking clawback of bonuses and revocation of retirement benefits, including vested and unvested ESOPs. In November 2019, Kochhar filed a writ petition against the ICICI declaring that the communication dated 4-10-2018 issued by the bank was valid, subsisting, and binding on the respondent and the email dated 30-01-2019 and the letter dated 01-02-2019 from the bank was illegal, non-est, void ab initio, etc. The declaration was also sought to declare the communication dated 13-03-2019 issued by RBI as non-est, illegal, and void ab initio. The Single Judge dismissed the interim application filed by kochhar and restrained the bank from dealing with any of the 690,000 ESOPs already exercised by her and directed her to disclose if she has sold or dealt with any of such shares as well as disclose her gain from such a sale which shall be by way of affidavit of disclosure.<\/p>\n<p style=\"margin-bottom: 3%;\">The Bombay High Court held that any grant of the interim reliefs as sought by her would cause irreparable injury and prejudice to the ICICI. Hence, Kochhar approached the Court.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court said that no case was made out for interference in the present petition.<\/p>\n<hr \/>\n<p>Advocates who appeared in this case :<\/p>\n<p style=\"margin-left: 18pt;\">Appearance for Chanda Kochhar: Senior Advocate Harish Salve<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Earlier, the Bombay High Court had denied her plea for reinstatement of her Employee Stock Options.<\/p>\n","protected":false},"author":67517,"featured_media":308862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[2569,33524,63358,63357,33525,63356,6031,5363],"class_list":["post-308806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-Bombay_High_Court","tag-chanda-kochhar","tag-employee-stock-option-scheme","tag-employee-stock-options","tag-icici-bank","tag-interim-release","tag-retiral-benefits","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supreme Court dismisses Chanda Kochhar\u2019s plea for interim release of Retiral benefits by ICICI | SCC Blog<\/title>\n<meta name=\"description\" content=\"Supreme Court 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relief would cause \u2018irreparable harm and prejudice\u2019; Bombay High Court refuses interim relief to Chanda Kochhar, former MD &#038; 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 &quot;Case Briefs&quot;","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, 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The bench said, \"We are not inclined to interfere with the impugned order for the reason\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":209071,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/01\/31\/justice-b-n-srikrishnas-report-declares-former-ceo-of-icici-bank-chanda-kochhar-guilty-of-violating-banks-code-of-conduct\/","url_meta":{"origin":308806,"position":2},"title":"Justice B N Srikrishna\u2019s report declares former CEO of ICICI Bank Chanda Kochhar guilty of violating Bank&#8217;s Code of Conduct","author":"Bhumika Indulia","date":"January 31, 2019","format":false,"excerpt":"As reported by media, the board of ICICI Bank had appointed Retired Supreme Court Judge, Justice Srikrishna to investigate in regard to the allegations placed against Kochhar. 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 &quot;Business News&quot;","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":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":308806,"position":3},"title":"[Videocon Loan Fraud Case] Bombay High Court rules arrest of ICICI Bank&#8217;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 &quot;Hot Off The Press&quot;","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":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":308806,"position":4},"title":"&#8216;It APPEARS that Chanda Kochhar has misused her official position in sanctioning loans to Videocon Group&#8217;: Read Court&#8217;s order issuing process against the former MD &#038; 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 &quot;Case Briefs&quot;","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":308806,"position":5},"title":"Bom HC | ICICI Bank Ltd. &#8212; Petition challenging Chanda Kochhar&#8217;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 &quot;Case Briefs&quot;","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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/308806","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\/67517"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=308806"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/308806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/308862"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=308806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=308806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=308806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}