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    Bombay High Court allows Kochhar to add RBI as party to wrongful termination case

    Bombay High Court allows Kochhar to add RBI as party to wrongful termination case

    Bombay High Court allows Kochhar to add RBI as party to wrongful termination case
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    By CNBC-TV18  IST (Updated)

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    Challenging the maintainability of Kochhar's case, ICICI Bank said that her dispute over termination and clawback is contractual and can be resolved through alternative remedies.

    The Bombay High Court has allowed former MD and CEO of ICICI Bank Chanda Kochhar to add the Reserve Bank of India (RBI) as a party to her wrongful termination case against ICICI Bank.
    Kochhar had challenged the ICICI Bank’s decision to terminate her services and recover bonuses and stock options she received between April 2009 and March 2018.
    Challenging the maintainability of Kochhar's case, ICICI Bank said that her dispute over termination and clawback was contractual and could be resolved through alternative remedies.
    The bank stated that the action against Kochhar was taken on the basis of Justice Srikrishna Committee report.
    An independent enquiry by Justice BN Srikrishna has indicted Kochhar for violating various regulations, and the lender had decided to stop all unpaid retirement benefits and also recover bonuses paid to her since 2009.
    According to ICICI Bank, the RBI gave the go-ahead to Kochhar’s termination in March 2019 while she was served the termination letter in January.
     
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