SC Rejects Chanda Kochhar’s Appeal Against Termination as ICICI MD

Chanda Kochhar faces charges for money laundering during her tenure as ICICI Bank’s chief executive.

File image of former ICICI CEO and MD Chanda Kochhar.

(File Photo: IANS)

The Supreme Court on Tuesday, 1 December, rejected Former ICICI Bank CEO Chanda Kochhar’s plea against her sacking as the chief executive and managing director of the bank, on charges of money laundering, NDTV reported.

The apex court said, “We are not inclined to interfere in impugned order. This falls within the realm of private contract between bank and employer.”

Kochhar was fired last year and had moved the Supreme court after Bombay High Court dismissed her petition.

Mukul Rohatgi, former Attorney General and Kochhar’s lawyer, expressed that she can’t be terminated without prior approval.

Kochhar, her husband Deepak Kochhar and Venugopal Dhoot of Videocon Group were booked by the the Enforcement Directorate (ED) under the Prevention of Money Laundering Act early last year and were investigated for corrupt practices in sanctioning Rs 1,875 crore in loans by ICICI Bank and other alleged irregularities.

The ED’s case was based on a complaint lodged by the Central Bureau of Investigation (CBI), which is running its own investigation into the matter. Deepak was arrested in September 2020.

Two other instances of money laundering by the ICICI Bank during Kochhar’s tenure are being looked into, one of them being an instance of loans given to the Gujarat-based pharmaceutical firm Sterling Biotech and the other to Bhushan Steel Group.

(With inputs from NDTV)