KOCHHAR’S PLEA TO BE HEARD ON DECEMBER 9

MUMBAI: The hearing on former ICICI Bank MD & CEO Chanda Kochhar’s petition challenging termination of her services by the multinational private bank was adjourned till December 9 by the Bombay HC on Monday. Senior advocate Vikram Nankani sought permission to amend the petition by incorporating challenge to post-facto approval granted by the RBI to her termination when it came up hearing before a division bench.

KOCHHAR TERMED THE TERMINATION OF HER SERVICES BY THE BANK AS EX-FACIE ILLEGAL, UNTENABLE AND UNSUSTAINABLE IN LAW

MUMBAI: The hearing on former ICICI Bank MD & CEO Chanda Kochhar’s petition challenging termination of her services by the multinational private bank was adjourned till December 9 by the Bombay high court on Monday.

Senior advocate Vikram Nankani sought permission to amend the petition by incorporating challenge to post-facto approval granted by the Reserve Bank of India (RBI) to her termination when it came up hearing before a division bench of justice Ranjit More and justice Makarand Karnik. The RBI on March 13, 2019 approved the termination of Kochhar’s service.

In her petition, filed through Sujay Kantawalla, Kochhar termed the termination of her services by the bank as ex-facie illegal, untenable and unsustainable in law on the ground that it was without previous approval of the RBI as Section 35B of the Banking Regulation Act, 1949 requires prior-approval of the RBI before terminating the servieral ces of a managing director of a bank. She also complained about denial by the bank of the agreed remuneration to her, although her plea for early retirement, with effect from October 4, 2018, was accepted by the board of directors of the ICICI Bank.

According to her petition, Kochhar joined ICICI Bank as a management trainee in April 1984 and went on to become the MD and CEO of the private bank in May 2009. Her appointment as such continued from time to time and was last approved by the RBI till March 31, 2019.

Kochhar, before she could complete the term in October 2018, applied for early retirement and it was accepted by the ICICI Bank board.