The Supreme Court has postponed the hearing on former ICICI Bank CEO and MD Chanda Kochhar’s plea for the restoration of her early retirement benefits, which were revoked by the bank’s Board of Directors. The matter will be relisted after two weeks following a request for an adjournment. In November 2022, a single judge restrained Kochhar from dealing with any of the 690,000 ESOPs she had exercised between October 2018 and January 2019.
Her early retirement was initially accepted by the ICICI Board in October 2018 but, after an inquiry, her separation was treated as “termination for cause,” leading to the revocation of her entitlements. The Supreme Court is already hearing the CBI’s appeal against the Bombay High Court’s decision to release Kochhar and her husband from judicial custody in the ICICI Bank-Videocon loan fraud case.