The termination of Chanda Kochhar as CEO-MD under the law: ICICI Bank a HC
MUMBAI: The ICICI Bank on Monday he told the Bombay superior court the termination of his former CEO and MD, Chanch Kochhar , according to the contractual clauses and that had requested the approval of the Reserve Bank of India for it.
Kochhar had moved the Bombay high court challenging ICICI Bank 's decision to terminate her despite the bank having approved her request for early retirement.
When appearing at the bank, defender Darius Khambata told the division bank of Judges Ranjit More and MS Karnik that the termination was made according to contractual clauses and is justified.
He also stated that the bank requested the approval of RBI under section 35B (1) (b) of the Banking Regulation Act of 1949 for the 'termination of appointment' of Kochhar.
Kochhar's counsels Vikram Nankani and Sujay Kantawala argued that ICICI Bank had obtained 'post-facto' (after the fact) approval for her termination from Reserve Bank of India ( RBI ), which was in contravention to law.
Nankani and Kantawala sought time from the court to amend the petition with respect to the reply filed by the ICICI Bank .
Kocchar's purported 'termination for cause' was communicated to her by the ICICI Bank in January.
In his petition filed last month, Kochar described his alleged termination as illegal, unsustainable and unsustainable by law.
The petition said that she stopped being employed by the bank after her request for early retirement was accepted, effective as of October 4 of this year.
Thereafter, the bank could not have tried to unilaterally treat its termination of service due to early retirement as termination due to cause, his statement added.
Kochar, in her petition, further said ICICI Bank was under statutory obligation to obtain previous approval of RBI before purported termination of her service, and claimed no such approval was obtained.
The matter was published for a new hearing on December 9.