Chanda Kochhar moves Bombay HC against ICICI Bank, hearing on December 2

Chanda Kochhar moves Bombay HC against ICICI Bank, hearing on December 2

Chanda Kochhar, the former Managing Director and CEO of ICICI Bank has moved the Bombay High Court against the bank on her 'termination' from the company. The matter is listed on the Bombay High Court website on its cause list for December 2.

This would be the first such case in India where a private bank’s former chief has moved court against termination.

According to reports, Kochhar has moved the Bombay HC against her former employer for 'terminating' her even though the bank had already accepted her request for early retirement.

In January 2019, ICICI Bank announced that Kochhar’s exit from the bank would be treated as 'termination for cause'. As a consequence of this, all of Kochhar's unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits were revoked. Further, the board also took a decision to clawback all bonuses paid to her from April 2009 until March 2018.