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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学经济学院、金融研究院副教授,中国反洗钱研究中心执行主...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
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李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
中南财经政法大学教授,计算机科学与技术专业工学博士,复旦大学理论...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
高增安
高增安
复旦大学中国反洗钱研究中心特聘研究员,专事反洗钱与贸易领域的研...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任快钱支付清算信息有限...
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Money laundering case: ICICI seeks recovery of amounts from Chanda Kochhar

https://indianexpress.com/article/business/banking-and-finance/money-laundering-case-icici-bank-seeks-recovery-of-amounts-from-chanda-kochhar-6214637/

 

Mounting pressure on former CMD Chanda Kochhar, the ICICI Bank has filed a monetary suit in the Bombay High Court seeking her “termination of appointment” as the bank’s CEO and also sought recovery of various amounts from her.

 

The affidavit, filed on January 10, seeks dismissal of Kochhar’s petition that she had filed challenging her sacking after charges of money laundering surfaced against her. The bank stated that the issue can be decided in a commercial suit.

 

ICICI has filed a suit seeking recovery of amounts towards the clawback of bonuses given to the petitioner (Kochhar) from April 2006 to March 2018 pursuant to the termination of the petitioner’s services,” the bank said in its affidavit, PTI reported.

 

A clawback is a provision in which incentive-based pay, like a bonus, is taken back from an employee by an employer if charges of misconduct surface against the former or in case of declining profits.

 

The affidavit further said that Kochhar’s conduct had caused substantial embarrassment to the bank and all the stake-holders, and led to an irreparable reputational loss to the bank.

 

On December 8, 2016, Kochhar executed a clawback agreement with the bank pursuant to which ICICI is entitled to a return of the previously paid variable pay or deferred variable pay from the petitioner in the event of a determination of gross negligence or an integrity breach by Kochhar,” the affidavit stated.

 

The petitioner (Kochhar) deliberately committed the violation with a malafide intent to obtain illegal benefits,” it further said. The affidavit also said Kochhar’s petition was a “malafide attempt” to secure valuable stock options of the bank.

 

The CBI had filed a case against Kochhar in January last year, alleging she had “dishonestly” granted loans to the tune of hundreds of crores to Videocon Group “in contravention of rules and policy … by abusing her official position”.

 

The Enforcement Directorate had also filed a case subsequently, attaching assets worth over Rs 78 crore belonging to Kochhar and her husband Deepak and companies associated with him.

 

The ED probe has revealed that loans were refinanced and new loan aggregating to Rs 1,730 crore was sanctioned to M/s Videocon Industries Limited (VIL) and its group firms. These loans turned non-performing assets (NPAs) for ICICI Bank on June 30, 2017.

 

A division bench of Justices R V More and S P Tavade on Monday directed Kochhar’s advocate Sujoy Kantawalla to go through the affidavit while posting the matter for further hearing on January 20.

 

Kantawalla argued that Kochhar’s termination from her post came months after the bank approved her voluntary resignation on October 5, 2018, and therefore the bank’s action is “illegal, untenable, and unsustainable in law”.