CHANDA KOCHHAR Vs. ICICI BANK LTD.

JUDGEMENT

(1.) Both the Interim Applications are connected and have been heard together.

(2.) The Interim Application No.1014 of 2022 has been filed in Suit No.114 of 2022 by the Plaintiff - Mrs. Chanda Kochhar ("Mrs. Kochhar") against the Defendant - ICICI Bank Ltd. ("ICICI Bank"). The Interim Application No.307 of 2020 has been filed in Suit No.313 of 2020 by ICICI Bank against Mrs. Kochhar. The narrow issue involved in these proceedings is whether ICICI Bank having accepted Mrs. Kochhar's request for early retirement could subsequently treat Mrs. Kochhar's services with ICICI Bank as "termination for cause" with effect from the date of the acceptance of her early retirement. The relief sought by Mrs. Kochhar in the aforementioned proceedings filed by her is with respect to specific performance of the letter dtd. 4/10/2018 by which she claims that ICICI Bank accepted her early retirement from its service. Mrs. Kochhar has sought the reinstatement of her Employee Stock Options ("ESOPs") under the Employee Stock Option Scheme ("ESOS"). As against this ICICI Bank in the proceedings filed by it has sought clawback of bonuses and revocation of retirement benefits, including vested and unvested ESOPs on the premise that Mrs. Kochhar's services were treated as "termination for cause" with effected from 4/10/2018.

(3.) A brief background of facts is necessary.