Litigation News

ICICI Bank files monetary suit in Bombay HC seeking recovery of bonuses from Chanda Kochhar

Omkar Gokhale

The ICICI Bank submitted before the Bombay High Court on Monday that termination of its former Managing Director and Chief Executive Officer Chanda Kochhar was on account of her being in violation of the code of business conduct, ethics and failing to disclose conflict of interest.

Moreover, the ICICI Bank has filed a separate monetary suit seeking effect to Kochhar’s termination and recovery of various amounts from her.

In doing so, the ICICI Bank on Monday filed an additional affidavit giving composite reply before a Division Bench of Justices Ranjit More and S P Tavade on the merits of writ plea filed by Chanda Kochhar in the Bombay High Court challenging her termination and clawback of bonuses she received between April 2006 and March 2018.

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