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Chanda Kochhar moves Bombay High Court against ICICI Bank over 'illegal termination'

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Chanda Kochhar, former CEO of ICICI Bank, has moved the Bombay High Court against the bank challenging ICICI Bank's decision to terminate her employment as the chief executive.

Chanda Kochhar moves Bombay High Court against ICICI Bank over 'illegal termination'
Chanda Kochhar, former CEO of ICICI Bank, has moved the Bombay High Court against the bank challenging ICICI Bank's decision to terminate her employment as the chief executive.
The case, which was filed on November 20, is yet to be admitted in the court. The next hearing date is December 2.
ICICI Bank in October 2018 announced the exit of Kochhar and appointment of Sandeep Bakhshi as the new MD and CEO. Kochhar’s departure stemmed from allegations of violation of the bank’s lending practices involving loans sanctioned to the Videocon group.
An independent enquiry by Justice BN Srikrishna has indicted Kochhar for violating various regulations, and the lender has decided to stop all unpaid retirement benefits and also recover bonuses paid to her since 2009.
According to reports, Kochhar noted in the court documents that the bank issued 'termination letter' in February 2019, five months after her resignation was accepted by the ICICI Bank board in October 2018.
Kochhar has sought the court's intervention in the 'purported termination' and denial of the agreed remuneration, reported The Economic Times, citing two people familiar with the development.  She called the termination "illegal, untenable and unsustainable in law", noted the report.
 
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