SC Refuses to Entertain Ex-ICICI CEO Chanda Kochhar’s Plea Seeking Retirement Benefits

The Supreme Court on Friday declined to entertain the plea of former ICICI Bank Managing Director and CEO, Chanda Kochhar, seeking retirement benefits from the bank.

A bench of Justices Sanjiv Khanna and SVN Bhatti stated, “Not a case for interference. We are not inclined to interfere with the high court order. The special leave petition is dismissed.”

Senior advocate Harish Salve, representing Kochhar, argued that the high court had dismissed the petition without discussion or finding.

The bench, having reviewed the facts, deemed the case undeserving of interference. Kochhar contested the Bombay High Court’s May 3 order, which denied interim relief, citing potential irreparable damage and prejudice to the bank.

Another Supreme Court bench, headed by Justice Bela M Trivedi, adjourned the hearing on a separate plea by the CBI challenging the interim bail granted to Kochhar, with the plea now scheduled for December 11.

In her plea for retirement benefits from ICICI Bank, Kochhar referenced various documents and court orders, arguing that no prima facie case was found in the bank’s lawsuit.

Her plea also cited a November 2022 order by the high court’s single judge bench, directing Kochhar not to deal with the bank’s Rs 6.90 lakh shares acquired in 2018. Kochhar sought specific performance of entitlements and benefits unconditionally provided when the bank accepted her early retirement in 2018.

She contended that the bank could not terminate a person who had already retired, emphasizing that benefits, including employee stock options exercisable until 2028, were granted unconditionally.

In May 2018, an inquiry against Kochhar was initiated by the bank following a complaint about her alleged role in granting out-of-turn loans worth Rs 3,250 crore to the Videocon Group, benefiting her husband Deepak Kochhar. Subsequently, Kochhar went on leave and later applied for early retirement, which was accepted by the bank, treating her separation as ‘Termination for Cause.’ The bank sought regulatory approval from the Reserve Bank of India for her termination, as mandated under the RBI Act.