Chanda Kochhar’s termination as CEO-MD as per law: ICICI Bank to HC
The ICICI Bank on Monday told the Bombay High Court the termination of its former CEO and MD, Chanda Kochhar, was as per “contractual clauses” and that it had sought approval from 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.
Appearing for the bank, advocate Darius Khambata told the division bench of Justices Ranjit More and MS Karnik that the termination was as per “contractual clauses and is justified”.
He further stated that the bank sought approval from RBI under section 35B (1)(b) of Banking Regulation Act 1949 for ‘termination of appointment’ of Kochhar.
