The ICICI bank approached the Bombay High Court seeking effect on Chanda Kochhar's "termination of appointment" as its Managing Director and CEO, and also sought recovery from her of various amounts.
The bank sought dismissal of Kochhar's petition in a monetary suit filed on 10 January, and stated that the issue could be decided in a commercial suit.
"ICICI has filed a lawsuit seeking recovery of amounts in respect of the claw-back of bonuses granted to the petitioner (Kochhar) between April 2006 and March 2018 pursuant to the termination of the petitioner's services," the bank said in its affidavit.
A clawback is a provision in which an employer will take back incentive-based pay, like a bonus, from an employee after misconduct or declining profits.
In response to a petition by Kochhar challenging her sacking, the affidavit was submitted months after she voluntarily left the second largest lender in the private sector.
"On 8 December 2016, Kochhar executed a claw-back agreement with the bank under which ICICI is entitled to a return from the petitioner of the previously paid variable pay or deferred variable pay in the event of a gross negligence or a breach of integrity by Kochhar being determined.
"The conduct of the complainant has caused the bank and all the stakeholders’ significant humiliation, leading to irreparable reputational damage to the bank," he said.
The bank further claimed that Kochhar was in flagrant breach of the Professional Conduct and Ethics Code of the ICICI Group.
"The petitioner (Kochhar) deliberately committed a violation with the intention of obtaining illegal benefits," he said.
The affidavit further said that Kochhar's petition challenging her bank sacking claiming breach of RBI rules is a "malafide attempt" to secure the bank's valuable stock options.
A Justices Section Bench R.V. More and S.P. On Monday Tavade directed Kochhar's advocate Sujoy Kantawalla to pass the affidavit. This updated the matter on January 20, for further discussion.
On 30 November 2019, Kochhar moved the High Court questioning ICICI Bank's "termination" of her employment, which also refused her remuneration for her alleged role in awarding "out of turn loans worth 3250 crore to the Videocon Group benefitting her husband Deepak Kochhar."
Kantawalla claimed that the termination of Kochhar's position came months after the bank accepted its voluntary resignation on 5 October 2018 and that the bank's decision was therefore "illegal, untenable and untenable in fact."
The bank sought dismissal of Kochhar's petition in a monetary suit filed on 10 January, and stated that the issue could be decided in a commercial suit.
"ICICI has filed a lawsuit seeking recovery of amounts in respect of the claw-back of bonuses granted to the petitioner (Kochhar) between April 2006 and March 2018 pursuant to the termination of the petitioner's services," the bank said in its affidavit.
A clawback is a provision in which an employer will take back incentive-based pay, like a bonus, from an employee after misconduct or declining profits.
In response to a petition by Kochhar challenging her sacking, the affidavit was submitted months after she voluntarily left the second largest lender in the private sector.
"On 8 December 2016, Kochhar executed a claw-back agreement with the bank under which ICICI is entitled to a return from the petitioner of the previously paid variable pay or deferred variable pay in the event of a gross negligence or a breach of integrity by Kochhar being determined.
"The conduct of the complainant has caused the bank and all the stakeholders’ significant humiliation, leading to irreparable reputational damage to the bank," he said.
The bank further claimed that Kochhar was in flagrant breach of the Professional Conduct and Ethics Code of the ICICI Group.
"The petitioner (Kochhar) deliberately committed a violation with the intention of obtaining illegal benefits," he said.
The affidavit further said that Kochhar's petition challenging her bank sacking claiming breach of RBI rules is a "malafide attempt" to secure the bank's valuable stock options.
A Justices Section Bench R.V. More and S.P. On Monday Tavade directed Kochhar's advocate Sujoy Kantawalla to pass the affidavit. This updated the matter on January 20, for further discussion.
On 30 November 2019, Kochhar moved the High Court questioning ICICI Bank's "termination" of her employment, which also refused her remuneration for her alleged role in awarding "out of turn loans worth 3250 crore to the Videocon Group benefitting her husband Deepak Kochhar."
Kantawalla claimed that the termination of Kochhar's position came months after the bank accepted its voluntary resignation on 5 October 2018 and that the bank's decision was therefore "illegal, untenable and untenable in fact."
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