A division bench of the Bombay high court on Monday directed the Reserve Bank of India (RBI) to respond to a plea made by Chanda Kochhar, former managing director and CEO of ICICI Bank, with regard to her termination from the bank.
In October 2018, Kochhar, who was facing allegations of conflict of interest, had quit the bank by taking an early retirement. However, earlier this year, the board of ICICI Bank decided to terminate her employment under its internal policies, schemes and code of conduct.
The bank had said that this will come with all attendant consequences and it decided to revoke all her existing and future entitlements that include unpaid amounts, unpaid bonuses or increments, stock options that cover unexercised or vested stock options apart from medical benefits.
