SC Rejects Chanda Kochhar’s Appeal Against Her Termination as The CEO And MD Of ICICI Bank

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.