The Court noted that the issue falls within the realm of private contract between bank and employee.
The Supreme Court bench of Justice Sanjay Kishan Kaul, Justice Dinesh Maheshwari, and Justice Hrishikesh Roy refused to interfere with the Bombay High Court’s dismissal of a plea filed by former ICICI Bank Chief Executive Officer and Managing Director Chanda Kochhar against her termination in 2019. The court said that-“You decided to go out on your own, we are not inclined to interfere in the impugned order. This falls within the realm of private contract between bank and employee.”
Senior Advocate Mukul Rohatgi who was appearing to Kochhar argued before the court that it wasn’t open to ICICI Bank to virtually recall the former CEO and MD’s retirement. He also raised questions on the termination of Kochhar without prior approval of RBI. Even after the request of Rohtagi to postpone the matter for next week the court declined to hear it and said that- “You decided to go out on your own, but now you are saying they are terminating you. The bank is not sacking you.”
In the matter raised Chanda Kochhar approached the Bombay High Court in 2019 challenging the ‘termination for cause’ communicated to her by ICICI Bank.