A division bench of Justices KR Shriram and Rajesh Patil pronounced the verdict upholding the order of single-judge Justice RI Chagla who had stated that Kochhar’s termination was valid.
Kochhar’s suit before the single-judge was filed seeking specific performance of her entitlements and benefits that were unconditionally provided to her when the bank accepted her early retirement in 2018.
Kochhar stated in her suit that the bank was fully aware of the terms of reference and scope of enquiry when entering into a contract with Kochhar which granted her certain benefits unconditionally.
She claimed that the bank later reneged from its contractual commitment flowing from its acceptance letter without any justification.
The benefits granted to her unconditionally included employee stock options that were exercisable till 2028 and a tranche of such stock options was purportedly expiring April this year, which gave rise to the urgency in hearing.
The bank on the other hand, sought an order directing Kochhar to stay her hands on the stocks till her suit is finally heard.
Source: Barandbench
