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ICICI Bank files civil suit to recover Rs 12 crore from Chanda Kochhar

The bank had said on Monday that Chanda Kochhar had entered into an agreement with the lender that allowed them to seek return of the variable pay in case of integrity breach

twitter-logoBusinessToday.In | January 14, 2020 | Updated 11:50 IST
ICICI Bank files civil suit to recover Rs 12 crore from Chanda Kochhar
ICICI Bank-Chanda Kochhar case: Lender tries to recover Rs 12 crore

ICICI Bank has filed a civil recovery suit against former Chief Executive Officer Chanda Kochhar for the recovery of Rs 12 crore that she had received as bonus and other benefits during her tenure. Kochhar's counsel Vikram Nankani along with Sujay Kantawala informed the court that the bank has initiated a civil suit that could further complicate the case.

The bank had said on Monday that Kochhar had entered into an agreement with the lender that allowed them to seek return of the variable pay in case of integrity breach. "The petitioner's conduct has caused substantial embarrassment to the bank and all the stake-holders, and has led to irreparable reputational loss to the bank," the ICICI peition said.

Abhijit Joshi-led law firm Veritas Legal filed the civil suit on January 10. Meanwhile, Kochhar filed a case against the bank seeking time to file her response in reply to ICICI Bank, as mentioned in a report in The Economic Times. Kochhar had filed a case against ICICI Bank for terminating her employment after it accepted her request for early retirement.

The division bench allowed a week's time and had adjourned the case to January 20.

ICICI Bank had responded to a case filed by Kochhar stating that it is a private bank administered by a board of directors and that Kochhar's plea is not maintainable. The bank had said that Kochhar's termination was due to lack of disclosures. It said that she showed lack of diligence with respect to annual disclosures.  

Chanda Kochhar is accused of playing a role in granting out-of-turn loans of Rs 3,250 crore to Videocon Group, benefitting her husband Deepak Kochhar. The Enforcement Directorate is probing the case against Kochhar for sanctioning the loans. Her husband's company allegedly received kickbacks from Videocon in lieu of the loans from ICICI Bank.

Also read: ICICI Bank approaches Bombay HC, seeks to recover bonuses from Chanda Kochhar

Also read: Reserve Bank defends its nod for Chanda Kochhar's sacking from ICICI Bank

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