Nod to Chanda Kochhar’s termination fair, not arbitrary: RBI in Bombay HC
The Reserve Bank of India (RBI) told the Bombay High Court on Wednesday that its decision to grant approval to ICICI Bank for termination of appointment of Chanda Kochhar as MD and CEO was fair and not arbitrary.
The central bank filed an affidavit in response to a petition filed by Kochhar last month, challenging her ouster as the chief executive and managing director of ICICI Bank months after she voluntarily left the private sector lender.
The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018.
She was accused of playing a role in grant of out-of- turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.
