The Bombay High Court has refused to grant interim relief on the post-retirement appeal of former ICICI Bank CEO Chanda Kochhar. Judge RI Gahla’s single bench also asked Ms Kochhar not to touch the 6.90 lakh shares she acquired in 2018, news agency PTI reported.
The bench said Ms. Kochhar must disclose whether she has made any past stock-related transactions. “If she dealt with actions, she must disclose it by affidavit in six weeks,” the judge said.
Judge Gahla also ruled that Ms Kochhar’s dismissal was valid, the report added.
“I considered the termination a valid termination,” Judge Chagla said.
Citing the reasons, Judge Chagla added: “ICICI Bank did not have full knowledge of the facts, including Ms. Kochhar’s non-disclosures (at the time of her resignation)…these facts were only disclosed ‘upon receipt of the investigation report. . I argued that the dismissal was a valid dismissal and that Ms. Kochhar did not show up to court with clean hands.’
Ms Kochhar had applied for special benefits from her employer in 2018, the report added.
At the time, the Central Investigative Committee charged Ms Kochchar with criminal conspiracy and cheating over alleged irregularities in a ₹3,250 crore loan in 2012 to Videocon Group. This legacy business has become a non-performing asset for ICICI Bank.
ICICI bank said Ms Kochchar violated the company’s code of conduct and internal policies.
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