SC Rejects Chanda Kochhar’s Appeal Against Her Termination as The CEO And MD Of ICICI Bank
SC Rejects Chanda Kochhar’s Appeal Against Her Termination as The CEO And MD Of ICICI BankChanda Kochhar, former MD and CEO of ICICI Bank. (Abhijit Bhatlekar/Mint via Getty Images)

The Supreme Court has dismissed ICICI Bank’s former CEO and managing director Chanda Kochhar’s appeal against the Bombay High Court’s order last year that dismissed her plea against being removed as the bank’s chief, Times of India reports

The apex court reiterated that the decision falls under the ambit of the private bank and the employee.

“Sorry, we are not inclined to interfere with the high court order. This falls within the realm of private bank and employee,” a bench headed by Justice Sanjay Kishan Kaul mentioned.

Kochhar is accused to have illegally sanctioned loans worth Rs 1,875 crore to Videocon group of companies. The CBI filed a complaint against her and her husband, Deepak Kochhar, on 22 January 2019 as she was terminated from the bank that month itself. The Bombay HC dismissed her appeal challenging her removal from the company as the judicial body termed it to be “not maintainable”.

The Enforcement Directorate (ED) has charged the Kochhar duo for money laundering. The ED arrested Deepak Kochhar after studying a CBI-filed FIR against the couple, Videocon Group promoter Venugopal Dhoot and others.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber