Chanda Kochhar loses case against being fired by ICICI

December 01, 2020 14:52

The Supreme Court Tuesday rejected Chanda Kochhar's appeal against the Bombay High Court order which had dismissed her plea against her termination as the managing director and CEO of ICICI Bank, saying the issue falls within the realm of a private bank and employee.

"Sorry, we are not inclined to interfere with the high court order," a bench headed by Justice Sanjay Kishan Kaul said, adding, "This falls within the realm of private bank and employee." The top court was hearing Kochhar's appeal against the March 5 order of the high court which had dismissed her plea against termination as managing director and CEO of ICICI Bank, while noting that the dispute arises from a contract of personal service. The high court had accepted the bank's contention that Kochhar's plea was not maintainable as the dispute was contractual and concerns a private body.

During the arguments before the apex court, senior advocate Mukul Rohatgi, appearing for Kochhar, said the high court had dismissed her plea on the grounds of maintainability. "I (Kochhar) was the MD of ICICI bank but bank recalled my earlier resignation and converted it into termination," he said, adding, "This was wrong as it was against the norms."

Rohatgi said that Kochhar's resignation was changed into termination and there was no prior approval. "The RBI was under obligation. You cannot convert resignation into termination. There is no question of termination as there was no previous approval as per the clause," he said.

The bench observed, "As far as we understand, it is the RBI who can raise issue with the bank. You were in service with a private bank. RBI has to deal with the bank saying that no approval was taken."

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