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ICICI Bank takes Chanda Kochhar to Bombay HC | Business news

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Private lender ICICI Bank has filed a civil suit against its erstwhile managing director (MD) and chief executive officer (CEO) Chanda Kochhar in the Bombay High Court, seeking recovery of amounts towards the clawback of bonuses given to her from April 2006 to March 2018 after her termination of services by the bank.. Kochhar has been accused of playing a role in grant of out-of-turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.Enforcement Directorate has attached assets and cash belonging to Kochhar and her husband Deepak in connection with the Videocon loan case.The matter will be next heard on January 20.
Clawback means a company can take back incentive-based pay, like a bonus, from an employee in case of any misconduct or declining profits.

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