Bombay High Court on February 6 termed ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar's arrest by the Central Bureau of Investigation (CBI) in the Videocon loan case as 'illegal.'
A division bench of Justices Anuja Prabhudessai and NR Borkar passed the verdict today made permanent, the interim bail granted to the couple on January 9, 2023.
Chanda and Deepak Kochhar were arrested by CBI on December 24, 2023 on allegations of cheating and irregularities in loan of Rs 3,250 crore granted in 2012 to the Videocon Group.
Bombay HC had earlier on 9 January 2023, had upheld its principles of justice, Moneycontrol had reported. The court ordered their release in a plea challenging their arrest and claiming it illegal. "Arrest not in accordance with the law," the court observed. It also asked the Kochhars to surrender their passports to the CBI.
The CBI had booked the Kochhar duo and Videocon Group founder Venugopal Dhoot, along with companies like Nupower Renewables, Supreme Energy, Videocon International Electronics and Videocon Industries, as accused in an FIR registered under various IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
In a quid pro quo deal, the CBI alleged, Dhoot had allegedly invested crores in Nupower months after the Videocon Group got the Rs 3,250 crore as loan from ICICI Bank in 2012, the CBI had said in a statement after filing of the FIR in 2019. This amounted to criminal conspiracy and cheating, the probe agency said. Over a period of time, Dhoot had transferred the control of the company to Deepak Kochhar through multiple transactions.
Chanda Kochhar's termination
In May 2018, ICICI bank initiated an inquiry against Kochhar following a complaint about her alleged role in granting out-of-turn loans, to the Videocon Group, which benefited her husband Deepak Kochhar.
On November 10 2022, the Bombay High Court said the termination of Chanda Kochhar from the post of CEO of ICICI Bank was prima facie a “valid termination” and dismissed her interim application seeking post-retirement benefits.
The Supreme Court in December 2023, upheld the order of Bombay High Court.
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