The
Supreme Court on Friday refused to entertain former ICICI bank managing
director and CEO Chanda Kochhar's plea seeking retirement benefits from the
bank.
A
bench of Justices Sanjiv Khanna and SVN Bhatti said, "Not a case for
interference. We are not inclined to interfere with the high court order. The
special leave petition is dismissed." At the outset, senior advocate
Harish Salve, appearing for Kochhar said the high court had dismissed the
petition without any discussion or finding.
The
bench said it has seen the facts involved and the case does not warrant any
interference.
Kochhar
has challenged the Bombay High Court's May 3 order, which dismissed her
petition saying grant of any interim relief to her would cause irreparable
damage and prejudice to the bank.
Meanwhile,
another top court bench headed by Justice Bela M Trivedi adjourned the hearing
on a separate plea filed by CBI challenging grant of interim bail to Kochhar.
The plea of the probe agency will now be heard on December 11.
In
her plea seeking retiral benefits from ICICI bank, Kochhar has referred to
various documents and order of the court and said no prima facie case was found
in the suit filed by the bank.
Her
plea before the top court also referred to the November 2022 order passed by
the single judge bench of the high court.
The
single judge bench of the high court had directed Kochhar to not deal with the
bank's Rs 6.90 lakh shares she had acquired in 2018.
In
her plea before the high court, Kochhar sought specific performance of the
entitlements and benefits unconditionally provided to her when the bank
accepted her early retirement in 2018.
The
bank could not have terminated a person who had already retired, the plea said.
The
benefits granted to her unconditionally included employee stock options that
were exercisable till 2028.
In
May 2018, the bank initiated an inquiry against Kochhar following a complaint
about her alleged role in granting out of turn loans worth Rs 3,250 crore to
the Videocon Group that benefited her husband Deepak Kochhar.
Kochhar
went on leave thereafter and later applied for early retirement, which was
accepted.
The
bank had then said it treated her separation as 'Termination for Cause' and
also sought regulatory approval from the Reserve Bank of India for her
termination of appointment as is mandatory under the provisions of the RBI Act.