The Bombay High Court allowed Chanda Kochhar’s demand to make the Reserve Bank of India a party to her case challenging ICICI Bank Ltd.’s decision to claw back bonuses paid to her over nine years.
How It Unfolded
- October 2016: An investor writes to the PM alleging potential conflict of interest in ICICI Bank’s loans to Videocon.
- April 2017: RBI approves Chanda Kochhar’s reappointment as MD & CEO till March 31, 2019.
- May 2018: ICICI Bank says it’s probing an anonymous complaint against Kochhar.
- June 2018: ICICI Bank appoints Justice Srikrishna committee to probe the alleged quid pro quo.
- Oct. 3, 2018: ICICI Bank considers and approves Kochhar’s request for early retirement.
- Jan. 30, 2019: ICICI Bank informs Kochhar that her separation from the bank would be treated as termination for cause, and she must return bonus paid to her between April 2008 to March 2018.
- Feb. 2, 2019: ICICI Bank seeks to claw back Rs 7.41 crore granted to her as bonus.
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