SC dismisses Chanda Kochhar's appeal against HC order on her termination as ICICI bank CEO

The Supreme Court on Tuesday rejected the appeal filed by ex-ICICI CEO Chanda Kochhar against the Bombay High Court order which had dismissed her plea against being removed as the managing director and CEO of the said Bank. In its order, the top court bench headed by Justice Sanjay Kishan Kaul said, "Sorry, we are not inclined to interfere with the high court order. This falls within the realm of private bank and employee.”

The bench was hearing Kochhar’s appeal against the March 5 order of the high court which had dismissed the plea against termination of her services as managing director and CEO of ICICI Bank while noting that the dispute arises from a contract of personal service. 

Chanda Kochhar's husband - Deepak Kochhar was earlier arrested by Enforcement Directorate (ED) and Court on December refused to grant him bail in ICICI bank fraud case. A money laundering case was registered by the ED against Deepak and Chanda Kochhar for irregularities in loans extended by ICICI Bank to Dhoot-led Videocon Group when Chanda Kochhar was chief of ICICI. Reports state that Rs 1875 crores were allegedly misappropriated by the duo.

READ | Videocon Case: Deepak Kochhar, Ex-ICICI CEO Chanda Kochhar's Husband Arrested By ED

Chanda Kochhar's involvement

The entire matter came to light in 2016 when a whistleblower reportedly raised questions about Chanda Kochhar's loans sanctioned to the Videocon group in 2012, when she was ICICI bank's chief executive. When the issue made headlines, Kochhar sought early retirement from the bank, which was accepted by the board in 2018. A panel headed by Justice BN Srikrishna judged that Chanda Kochhar had indeed violated the bank's code of conduct in the Videocon case and hence was not eligible for certain benefits from the bank.

READ | Court allows Deepak Kochhar to get treatment at private hospital

Kochhar moves Delhi HC 

Earlier in July, Deepak Kochhar had moved the Delhi High Court seeking release of assets seized by the ED in March last year, as per reports. Kochhar's company - Pacific Capital Service Pvt Ltd - had stated that ED could not hold a seized property for more than a year without filing an FIR in the ED case. In March 2019, ED reportedly raided Kochhar's company - Pacific Capital's office and seized a diary, hard disk and ₹10.5 lakhs from the premises.

READ | Deepak Kochhar, arrested in ICICI Bank-Videocon case, tests positive for COVID-19

READ | ICICI Bank-Videocon case: Deepak Kochhar remanded to ED custody