Bombay High Court on Thursday called for the dismissal of Chanda scoop up as CEO of ICICI Bank was prima facie “valid” and his interim application seeking post-retirement benefits was rejected. A single bench of Justice RI Chagla also directed Kochhar not to acquire 6.90 lakh shares of the bank in 2018. It asked Kochhar to file an affidavit within six months, disclosing the deals, if any, done with respect to the shares.

Justice Chagla dismissed an interim application filed by Kochhar, seeking specific performance of contractual obligations of his former employer since his early retirement from the bank on October 4, 2018.

“I have treated the dismissal as a valid termination,” Justice Chagla said while pronouncing the order.

In his application, Kochhar sought specific performance of the entitlements and benefits that were provided to him unconditionally when the bank accepted his early retirement in 2018.

The application states that the bank could not have dismissed a person who had already retired.

The unconditional benefits given to him included employee stock options that were exercisable until 2028.

ICICI Bank had also filed an application seeking a direction to Kochhar not to deal in shares and full disclosure of its profits.

In May 2018, the bank had launched an investigation against Kochhar following a complaint about his alleged role in disbursing loans to the tune of Rs 3,250 crore. videocon groupthat benefited her husband Deepak Kochri,

Kochhar then went on leave and later applied for early retirement, which was accepted.

The bank then said that it had treated his separation as ‘termination for cause’ and had also sought regulatory approval from him. reserve Bank of India For termination of appointment of Kochhar as mandated under the provisions of RBI Act,