- Gobind Jain filed a Rs 70 crore civil suit against IndusInd Bank in Bombay HC
- He challenged his termination as unlawful and not per his employment contract
- Jain alleged no internal inquiry was conducted before his removal from service
Former IndusInd Bank chief financial officer Gobind Jain has filed a civil suit of Rs 70 crore against the bank in the Bombay High Court, challenging his termination. According to the petition, Jain has alleged that his removal from service was unlawful and not in line with the terms of his employment contract. He has also claimed that the decision was taken without following due process.
The matter has been filed before the Bombay High Court but is yet to be moved.
In his plea, Jain has said the bank did not conduct an internal inquiry before taking action against him. He has raised questions over the role played by the board of directors and senior management in the decision-making process.
Jain has sought reinstatement to his earlier position along with salary, benefits and entitlements. Of the total amount claimed, around Rs 20 crore relates to salary, bonuses and stock options, while Rs 50 crore has been sought as reputational damages.
Jain is represented by law firm Wadia Ghandy, while IndusInd Bank has engaged Cyril Amarchand Mangaldas.
ALSO READ: IndusInd Bank Q4 Review: Brokerages Bet On Course Correction - Check Revised Target Prices
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.