As per report ICICI bank has filed a recovery suit against the former Managing director and CEO Chanda Kochhar in the bombay High Court. Meanwhile the suit was filed on january 10 and was listed under the category of monetary suits under the Code of Civil Procedure 1908. The bank is represented by law firm Veritas legal and is at pre admission stage. Furthermore through this suit, ICICI bank seeks to recover around Rs 12 crore that Chanda Kochhar received as part of bonus and other benefits before she was terminated from the bank.
Perhaps according to ICICI bank, the bonus was disbursed between april 2006 and march 2018. Chanda Kochhar had in november last year filed a suit against ICICI bank in the bombay High Court. Apparently it was only during the hearing of that case that Kochhar's lawyer got to know about the counter-suit filed by ICICI Bank. It was mentioned in their affidavit which they had filed against Kochhar's suit. Furthermore Chanda Kochhar had moved the high court against ICICI bank for terminating her employment after it accepted her request for early retirement.
Moreover the ICICI bank has said in its reply that it is a private bank and hence it is administered by its board of directors and thus the suit filed by Kochhar is not maintainable. Also ICICI bank has also in its 28 page response said that Kochhar's termination was due to lack of disclosures. ICICI said that Kochhar showed a lack of diligence with respect to annual disclosures where various mandatory disclosures in relation to her were not made.
