The Bombay High Court said the termination of Chanda Kochhar from the post of CEO of ICICI Bank was prima facie valid and dismissed her interim application seeking post-retirement benefits.
A single bench of Justice R I Chagla also directed Kochhar to not deal with the bank's 6.90 lakh shares she had acquired in 2018. It asked Kochhar to file an affidavit within six months disclosing dealings made, if any, with respect to the shares.
Justice Chagla dismissed an interim application filed by Kochhar seeking specific performance of her former employer's contractual obligations towards benefits due to her since her early retirement from the bank on October 4, 2018.
I have held the termination as valid termination, Justice Chagla said while pronouncing the order. The benefits granted to her unconditionally included employee stock options that were exercisable till 2028.
The ICICI bank had also filed an application seeking a direction to Kochhar to not deal with the shares and sought for full disclosure of the profits she had made.