Today the Supreme Court dismissed the plea of Chanda Kochhar, the former managing director and CEO of ICICI Bank, seeking retirement benefits from the bank. A two-judge Bench, comprising Justice Sanjiv Khanna and Justice SVN Bhatti, ruled that there is no basis for interference and rejected the special leave petition. Despite arguments by Senior Advocate Harish Salve, representing Kochhar, the court found no justification for intervention after reviewing the facts.

Chanda Kochhar contested the Bombay High Court's decision on May 3, which denied her petition, citing potential irreparable damage and prejudice to the bank if interim relief were granted. Her petition emphasized various documents and court orders, asserting that no prima facie case had been established in the bank's lawsuit against her.

Meanwhile, a separate Supreme Court bench, led by Justice Bela M Trivedi, has postponed the hearing on a petition filed by the Central Bureau of Investigation (CBI). The CBI challenged the interim bail granted to Chanda Kochhar, and the plea is now scheduled to be heard on December 11.

In her petition before the High Court, Chanda Kochhar specifically sought the fulfillment of entitlements and benefits promised to her when she accepted early retirement in 2018. The plea argued that the bank had no grounds to terminate someone who had already retired. The benefits included employee stock options exercisable until 2028, granted without conditions.

The legal saga began in May 2018 when ICICI Bank initiated an inquiry against Kochhar following allegations of her involvement in sanctioning loans worth Rs 3,250 crore to the Videocon Group, which purportedly benefited her husband, Deepak Kochhar. Kochhar took leave and later applied for early retirement, which the bank approved. The bank declared her separation as a 'Termination for Cause' and sought regulatory approval from the Reserve Bank of India for her removal, as required under the RBI Act.