Chanda Kochhar files suit for retiral dues and benefits from ICICI

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The suit has sought states that her entitlements and benefits that were unconditionally provided to her when the bank accepted her early retirement in 2018, should be continued.

The Bombay High Court on Thursday directed ICICI Bank to file its reply to the suit filed by its former chief executive officer (CEO) Chanda Kochhar seeking retiral dues and benefits.

Kochhar has filed a suit seeking specific performance of her former employer’s contractual obligations towards benefits due to her since her early retirement from the bank on October 4, 2018.

The Bombay High Court on Thursday directed ICICI Bank to file its reply to the suit filed by its former chief executive officer (CEO) Chanda Kochhar seeking retiral dues and benefits.

Kochhar has filed a suit seeking specific performance of her former employer’s contractual obligations towards benefits due to her since her early retirement from the bank on October 4, 2018. The suit has sought states that her entitlements and benefits that were unconditionally provided to her when the bank accepted her early retirement in 2018, should be continued.

According to the suit, Kochhar stated that the bank was fully aware of the terms of reference and scope of enquiry when entering into a contract with Kochhar which granted her certain benefits unconditionally.

She alleged that the bank later reneged from its contractual commitment flowing from its acceptance letter without any justification.

Besides, she has said that the Bank could not have terminated a person who had already retired, the suit stated.

The benefits granted to her unconditionally included employee stock options that were exercisable till 2028 and a tranche of such stock options was purportedly expiring April this year, which gave rise to the urgency in hearing.

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