The Supreme Court on Tuesday rejected Chanda Kochhar’s appeal against the Bombay High Court’s March 5 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.
The ruling is a major setback for Kochhar who now stands to lose her pension related benefits, including bonuses and stock options.
The Bench led by justice SK Kaul while dismissing Kochhar’s appeal upheld the Bombay HC order that held that her services were not governed by any statute, “but it is a purely contractual relationship with ICICI”.
