Supreme Court rejects Chanda plea against ouster as CEO

Tribune News Service

New Delhi, December 1

The Supreme Court on Tuesday rejected Chanda Kochhar’s petition challenging a Bombay High Court order dismissing a plea against her termination as the managing director and CEO of ICICI Bank.

“Sorry, we are not inclined to interfere with the High Court order. This falls within the realm of private banks and employees,” said a Bench headed by Justice Sanjay Kishan Kaul.

Kochhar had challenged the March 5 order of the High Court that dismissed her plea against termination as managing director and CEO of ICICI Bank, while noting that the dispute arose from a contract of personal service.

The High Court had accepted the bank’s contention that Kochhar’s plea was not maintainable as the dispute was contractual and concerned a private body.

“I (Kochhar) was the MD of ICICI bank but the bank recalled my earlier resignation and converted it into termination. This was wrong as it was against the norms,” senior advocate Mukul Rohatgi submitted on behalf of Kochhar. Her resignation was changed into a termination and there was no prior approval, he submitted.