'Chanda Kochhar should pay back bonuses': ICICI Bank to HC

'Chanda Kochhar should pay back bonuses': ICICI Bank to HC

Agency News

ICICI Bank has filed a petition in the Bombay High Court seeking recovery of bonuses given to former Managing Director and CEO Chanda Kochhar.

Kochhar had been sacked last year months after she stepped down from the posts. Ms Kochhar had challenged the "termination" of her employment by the country's second largest private bank, which had blocked her remuneration over allegations that she had granted "out-of-turn" loans worth Rs 1,875 crore to Videocon Group, providing benefits to her husband Deepak Kochhar.

The CBI, which is probing the case, has alleged that Videocon's Venugopal Dhoot invested in NuPower through another company - Supreme Energy - in a quid pro quo deal via loans cleared by ICICI after Ms Kochhar took over as CEO in May 2009.

"ICICI has filed a suit seeking recovery of amounts towards the claw back of bonuses given to the petitioner (Ms Kochhar) from April 2006 to March 2018 pursuant to the termination of the petitioner's services," the bank said in an affidavit to the court.