The Bombay High Court on Wednesday upheld an order of the single-judge who had refused interim relief to former ICICI Bank CEO Chanda Kochhar in her suit against the bank for post-retirement benefits.
A bench of Justice KR Shriram and Justice Rajesh Patil passed the verdict upholding the order of single-judge Justice RI Chagla who had ruled that Kochhar’s termination was valid.
Kochhar’s suit, filed before a single judge, sought specific performance of her entitlements and benefits, which were unconditionally provided to her when the bank accepted her early retirement in 2018.
In her suit, Kochhar claimed that the bank was fully aware of the terms of reference and scope of investigation when it entered into a contract with her that granted her certain benefits unconditionally.
She claimed that the bank later reneged on its contractual commitment derived from its acceptance letter without explanation.
Employee stock options were granted to her unconditionally and were exercisable until 2028, with a tranche of such stock options allegedly expiring in April of this year, giving rise to the urgency in the hearing.
The bank, on the other hand, requested that an order be issued directing Kochhar to keep her hands off the stocks until her suit is finally heard.
In the suit seeking specific performance of her former employer’s contractual obligations toward benefits due to her since her early retirement from the bank on October 4, 2018, Justice Chagla had refused to issue any interim order.
While Kochhar’s interim relief request was denied, the bank’s interim relief request was granted by a single judge.
He had directed Kochhar not to deal with the 6,90,000 shares, that she claimed were assigned to her.
Justice Chagla stated that if Kochhar has dealt with any shares, she must disclose them on affidavit.
