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The Bombay High Court today dismissed the petition filed by former ICICI Bank Chief Executive Officer and Managing Director Chanda Kochhar challenging her termination last year.
While doing so, the Bench of Justices Nitin Jamdar and MS Karnik held that ICICI Bank was a private body, and that the service conditions of Kochhar are not governed by any statute.
Kochhar had approached the Bombay High Court challenging the ‘termination for cause’ communicated to her by ICICI Bank in January last year.
A Committee headed by former Supreme Court judge Justice BN Srikrishna had been appointed to investigate allegations that Videocon Industries was granted loans by ICICI Bank and, in quid pro quo, Videocon invested in Nupower Renewables, the company of Deepak Kochhar i.e. Chanda Kochhar’s husband.
The Justice Srikrishna Committee ultimately indicted Chanda Kochhar last year. In turn, the Board of Directors of ICICI Bank terminated her employment after considering the inquiry report. As a result, on January 30, 2019, the Board informed Kochhar that it decided to treat her separation from the bank as ‘termination for cause’.