The Bombay High Court Division Bench led by Justice K R Shriram Thursday upheld a single-judge bench’s order that refused interim relief to former CEO of ICICI Bank, Chanda Kochhar in her suit against her employer, seeking entitlements and retirement benefits.
Kochhar had sought specific performance commitments and contractual obligations from her former employer related to benefits due to her since her early retirement from the bank on October 4, 2018.
A bench of Justice Shriram and Justice Rajesh Patil refused to interfere in the single-judge bench order and dismissed Kocchar’s appeal.
In November, last year, a single-judge bench of Justice R I Chagla, while pronouncing the verdict in her interim application, clarified that Kochhar’s termination was valid. “ICICI Bank did not have complete knowledge of the facts including the non-disclosures by Kochhar…these facts were disclosed only on receipt of the inquiry report. I have held that the termination was a valid termination and Kochhar did not come to court with clean hands. Kochhar is restrained by an order of injunction from dealing with any of the 6.90 lakh shares…,” Justice Chagla had held.Granting interim relief sought by the bank, Justice Chagla had directed Kochhar not to deal with the 6.90 lakh shares that she claimed were allotted to her. “If she has dealt with any shares then she must disclose the same on affidavit in six weeks,” the judge clarified.
The bench had also refused Kochhar’s request for a stay on its interim order. Thereafter, Kochhar filed an appeal against this order and challenged it.
Kochhar’s suit, filed in January last year, sought specific performance commitments and contractual obligations promised to her after her early retirement in October 2018. She had claimed that the bank was required to pay her entitlements of around Rs 1,000 crore as per the current market value. She had alleged that the bank reneged on its contractual commitments and cannot terminate a person who had already retired.
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