Bombay HC: Prima facie removal of Kochhar as ICICI Bank CEO valid

In the order the Judge said that the bank was justified in revoking acceptance of early retirement of Kochhar as they had accepted it without having complete knowledge of the facts

The Bombay High Court (HC) on Thursday ruled that Chanda Kochhar’s termination from the post of managing director and chief executive officer (MD&CEO) of ICICI Bank was prima facie valid. It also found invalid the contention Kochhar that once there is cessation of employer and employee relationship then the acceptance of early retirement cannot be revoked.

“Prima facie, I find that the revocation of the early retirement acceptance is valid and do not find, given the facts in the present case, any merit in the contention on behalf of Mrs. Kochhar that once there is cessation of employer and