ICICI Bank takes Chanda Kochhar to Bombay HC, demands return of bonuses
Private lender ICICI Bank has filed a civil suit against its erstwhile managing director (MD) and chief executive officer (CEO) Chanda Kochhar in the Bombay High Court, seeking recovery of amounts towards the clawback of bonuses given to her from April 2006 to March 2018 after her termination of services by the bank.
On the other hand, Kochhar is contesting that ICICI Bank should have secured the Reserve Bank of India (RBI) permission first before terminating her services. Kochhar has also challenged the RBI’s approval in terminating her services. She has said the move was illegal and had no legal base. The central bank on March 13 gave its consent to the bank management on Kochhar’s termination, after the bank fired her on January 31, 2019.
