New Delhi: The Supreme Court on Friday (September 6) issued notice to Chanda Kochhar, former Managing Director and Chief Executive Officer (CEO) of ICICI Bank, and her businessman-husband Deepak Kochhar on a plea filed by the Central Bureau of Investigation (CBI) challenging the Bombay High Court order declaring their arrest as “Illegal”.
A bench comprising Justice Sanjiv Khanna and Justice Sanjay Kumar the response of the Kochhars on the plea of the CBI.
Arrest of Chanda Kochhar, Deepak Kochhar was justified, CBI told apex court
While challenging the High Court order, Additional Solicitor General (ASG) SV Raju, who appeared for the CBI, told the bench that their arrest in the Videocon-ICICI Bank loan case was justified.
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The CBI arrested Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan case and immediately after their arrest, the had moved the High Court challenging their arrest and sought their arrest to be declared as illegal and their release by way of an interim order.
High Court granted bail to Kochhars by an interim order and later confirmed it declaring their arrest as ‘illegal’
The High Court, by an interim order dated January 9, 2023, granted bail to them, saying they were arrested in a “casual and mechanical” manner and without application of mind and later the High Court confirmed the earlier interim order and declared their arrest as “illegal”.
CBI also arrested Videocon group founder Venugopal Dhoot in the case
Videocon group founder Venugopal Dhoot was also arrested by the CBI in connection with the Videocon-ICICI Bank loan case and he, too, was granted bail by an interim order by the High Court in January 2023.
What are the allegations?
As per the central agency, ICICI Bank had sanctioned credit facilities to Videocon Group companies promoted by Dhoot to the tune of Rs 3,250 crore when Chanda Kochhar was heading the ICICI Bank in violation of the Banking Regulation Act, Reserve Bank of India guidelines and credit policy of the private sector bank and Chanda Kochhar’s husband Deepak Kochhar and her family members benefited from the Videocon-ICICI Bank loan case deal.
The CBI, in its First Information Report (FIR) registered in 2019 under the Indian Penal Code (IPC) sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, had named Kochhars, Dhoot and others, including Nupower Renewables (NRL), managed by Deepak Kochhar, as accused in the case.
