Bombay HC Rejects Chanda Kochhar’s Plea for Interim Relief
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The Bombay High Court has denied former Managing Director and CEO of ICICI Bank, Chanda Kochhar, any interim relief in a case seeking reinstatement of her Employee Stock Options (ESOPs) under the Employee Stock Option Scheme. A single judge had previously held that Kochhar’s termination was valid and directed her not to deal with the 6.90 lakh shares that she claimed were allotted to her. Upholding the verdict, a division bench of Justices KR Shriram and Rajesh Patil stated that granting the relief sought by Kochhar would cause “irreparable injury and prejudice” to ICICI Bank.
The bank had conducted an independent inquiry into allegations that Kochhar granted loans to Videocon Group companies in exchange for investments by Mr Venugopal Dhoot of Videocon Group or his affiliates in NuPower Renewables Pvt. Ltd., a company promoted by Kochhar’s husband, Deepak Kochhar. The bank filed a suit seeking clawback of bonuses and revocation of retirement benefits, including vested and unvested ESOPs. Kochhar sought relief with respect to the specific performance of the letter dated October 4, 2018, by which the bank accepted her early retirement and the benefits referred therein under the early retirement scheme.
Re-reported from the story originally published in India Today
