In a major setback to former ICICI Bank CEO and MD Chanda Kochhar, the Supreme Court on Friday refused to entertain the appeal filed by her seeking directions to her previous employer ICICI to provide her with post-retirement benefits.
The apex court upheld the Bombay High Court's May 2023 division bench order to reject Kochhar's interim application for post-retirement benefits from ICICI Bank.
The apex court bench led by Justice Sanjiv Khanna dismissed Kochhar’s plea seeking all retirement benefits and entitlements like Employee Stock Options (ESOPs) etc.
"Why should we interfere in the case? No case for any interference is required. No justification for interference is required," Justice Khanna said.
Former Solicitor General (SG), senior lawyer and noted legal expert Harish Salve, appearing for Kochhar, pleaded to the top court for directions to get all the retirement benefits, but the SC refused to pass an order in her favour.
"The Bombay HC's order is without any reasoning," Salve said.
Salve said that she had not only been deprived of her retirement benefits on the basis of illegal termination but also restrained from dealing with 6,90,000 shares.