The Supreme Court on Tuesday dismissed a petition filed by former ICICI Bank Chief Executive Officer and Managing Director Chanda Kochhar challenging her termination from the bank.
The matter started in her term as the member of the credit approval committee in the bank between 2009-2018 and all the approvals of loans made during her entire tenure came to question. The matter began when the reports came in 2018 about the ‘conflict of interest’ arising out of the approval of the loan from the ICICI bank to Videocon Group with the help of the corrupt practices. In this matter Enforcement Directorate (ED) filed the case and investigated the matter following which the Deepak Kochhar and Venugopal Dhoot of Videocon Group and Chanda Kochhar of ICICI group became the main suspects. It was contended that Mr Kochhar formed companies with the help of Mr Dhoot who got investments from Videocon from the loan amount the company received and that load was sanctioned by Ms Kochhar. Following the investigations, a committee of Justice (retd) BN Shrikrishna was appointed to investigate the allegation, it invested in Kochhar’s husband Deepak Kochhar’s company, Nupower Renewables. The committee formally charged Ms Kochhar with the allegations following which the Board of Members of ICICI bank ordered her termination and all her entitlements and retirement benefits were taken back even after her resignation was accepted a few months back.
Ms Kochhar for the same reached out to the High Court of Bombay to get a claim of the remunerations to which she was entitled but was refused on the ground that it was a private company and such matters fall under the private jurisdiction and are not governed by any law in force. Following this, she reached out to the Supreme Court where it dismissed the petition by saying that it was a contractual relation bonded by some conditions and decline to entertain the plea further.