SME Times is powered by   
Search News
Just in:   • Sensex slips 120 points in early trade  • Airtel has liquidity, Vodafone to face challenge on AGR: Report  • Budget 2020: Urgent need to spur demand  • J&K global investors' summit in April: Lt Governor Murmu  • Petrol, diesel prices cut further on Monday 
Last updated: 14 Jan, 2020  

chanda-kochhar-THMB.jpg ICICI Bank moves HC seeking recovery of bonuses from Kochhar

Chanda Kochhar
   Top Stories
» NIC TechConclave 2020 to kick off Tuesday
» Don't want law that looks at businesses with suspicion: Sitharaman
» 186 agri products testing laboratories set up by APEDA
» Goyal to lead Indian delegation to WEF 2020
» Industry meet kickstarts ahead of 'Wings India 2020'
SME Times News Bureau | 14 Jan, 2020
ICICI Bank has approached the Bombay High Court seeking recovery of bonuses earned by its ousted CEO Chanda Kochhar.

In an affidavit filed by the bank at the high court on Monday, the bank said, "Respondent (ICICI Bank) has filed Suit (L) No. 32 of 2020 at the Court inter alia seeking recovery of amounts towards the clawback of bonuses given to the petitioner from April 2006 to March 2018, pursuant to the termination of the petitioner's (Kochhar) services."

Clawback is an act of retrieving money already paid out. The former CEO is accused of violation of bank's code of conduct and conflict of interest in the controversial Rs 3,250 crore loan given to Videocon Group, a part of which went to a company run by her husband Deepak Kochhar.

The affidavit also observed that Chanda Kochhar is currently being interrogated by several agencies, including the CBI and the Enforcement Directorate (ED), and said that her petition challenging her sacking claiming violation of RBI rules is an malafide attempt to secure stock options of the bank.

In January last year, the Justice Srikrishna Committee indicted her for violation of bank's code of conduct and conflict of interest. It cleared the decks for investigating agencies and overarching regulatory bodies to take appropriate action against all the accused.

The former ICICI Bank chief had moved the Bombay HC challenging the bank's decision to terminate her in November 30, 2019, after the bank approved her request for early retirement.

ICICI Bank's board had also decided to take back all the bonuses and stock options paid to her between April 2009 and March 2018.

In another development, the ED on Friday said that it has provisionally attached Rs 78.15 crore worth movable and immovable assets in possession of Kochhar, her husband Deepak Kochhar and the companies owned and controlled by him.

According to the ED, the asset attachment is under the Prevention of Money Laundering Act 2002 (PMLA) in the ICICI Bank loan case.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 20 Jan, 2020
  Daily Poll
Ease of doing business improved in last one year
 Can't say
  Commented Stories
» MRF to set up a new plant in Gujarat(3)
» China's forex reserves reach USD 2.85 trillion(1)
» 'Capital Adequacy Ratio' above regulatory norms: Yes Bank(1)
» MSME: Budget expectations(1)
» L&T secures Rs.3.44 billion project from Power Grid(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter