ICICI files monetary suit against Chanda Kochhar

Mumbai, January 13

The ICICI Bank has approached the Bombay High Court seeking effect to “termination of appointment” of Chanda Kochhar as its Managing Director and CEO, and also sought recovery of various amounts from her.

In a monetary suit filed on January 10, the bank sought dismissal of Kochhar’s petition and stated that the issue can be decided in a commercial suit.

“ICICI has filed a suit seeking recovery of amounts towards the claw back of bonuses given to the petitioner (Kochhar) from April 2006 to March 2018 pursuant to the termination of the petitioner’s services,” the bank said in its affidavit.

A clawback is a provision in which incentive-based pay, like a bonus, is taken back from an employee by an employer following misconduct or declining profits.

The affidavit was submitted in response to a petition filed by Kochhar challenging her sacking, months after she voluntarily left the second largest private sector lender. PTI