HC junks Chanda Kochhar’s plea against her dismissal
Chanda Kochhar was terminated from the ICICI Bank months after she voluntarily left the second largest private sector lender
Unlock Exclusive Insights with The Tribune Premium
Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits
Advertisement
Mumbai, March 5
The Case File
Advertisement
- Chanda Kochhar was terminated from the ICICI Bank months after she voluntarily left the second largest private sector lender
- The high-profile former banker moved the high court on November 30, 2019, challenging “termination” of her employment by the ICICI Bank
- She contended that the bank also denied her remuneration and clawed back all bonuses and stock options between April 2009 and March 2018, for her alleged role in granting out of turn loans worth Rs3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar
The Bombay High Court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as managing director and CEO of the ICICI Bank, noting the dispute arises from a contract of personal service.
A Division Bench of Justices NM Jamdar and MS Karnik accepted the bank’s contention that Kochhar’s petition was not maintainable as the dispute was contractual and concerns a private body.
“The termination of the petitioner is in the realm of contractual relationship,” the court said in its order.
Advertisement
Courts cannot exercise their writ jurisdiction when employment in a private entity is regulated by contracts, it further said.
“Contractual duties are enforceable as matters of private law by ordinary contractual remedies such as damages, injunction, specific performance and declaration,” the high court said.
The Bench in its order noted that even if an institution is performing a public duty and is amenable to writ jurisdiction, all its decisions would not be subject to judicial review. — PTI
Advertisement
Advertisement