Loan fraud case: Bombay HC grants bail to ICICI Bank ex-CEO Chanda Kochhar, her husband Deepak
3 min read
By PTI
MUMBAI: The Bombay High Court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a mortgage fraud case, noting their arrest was not achieved in conformity with provisions of regulation.
The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in reference to the Videocon-ICICI financial institution mortgage case. They are presently in judicial custody.
A division bench of Justices Revati Mohite Dere and P Okay Chavan directed the Kochhars to deposit a money bail quantity of Rs one lakh every with a number of sureties of the identical quantity.
The bench mentioned the duo shall cooperate with the probe and attend the CBI workplace as and when summoned.
“We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the excessive court docket mentioned.
The court docket additionally requested Kochhars to give up their passports to the CBI.
The order was handed on petitions filed by Chanda Kochhar and her husband difficult their arrest by the CBI in reference to the financial institution mortgage case.
The duo of their pleas mentioned the CBI arrest was arbitrary and unlawful.
The CBI had named Chanda Kochhar, Deepak Kochhar in addition to Videocon group founder Venugopal Dhoot together with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused within the FIR registered in 2019 beneath Indian Penal Code sections associated to prison conspiracy and provisions of the Prevention of Corruption Act.
The central company has alleged non-public sector lender ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to those corporations in violation of norms.
It additional alleged that as part of quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables via Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar via a circuitous route between 2010 and 2012.
MUMBAI: The Bombay High Court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a mortgage fraud case, noting their arrest was not achieved in conformity with provisions of regulation.
The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in reference to the Videocon-ICICI financial institution mortgage case. They are presently in judicial custody.
A division bench of Justices Revati Mohite Dere and P Okay Chavan directed the Kochhars to deposit a money bail quantity of Rs one lakh every with a number of sureties of the identical quantity.
The bench mentioned the duo shall cooperate with the probe and attend the CBI workplace as and when summoned.
“We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the excessive court docket mentioned.
The court docket additionally requested Kochhars to give up their passports to the CBI.
The order was handed on petitions filed by Chanda Kochhar and her husband difficult their arrest by the CBI in reference to the financial institution mortgage case.
The duo of their pleas mentioned the CBI arrest was arbitrary and unlawful.
The CBI had named Chanda Kochhar, Deepak Kochhar in addition to Videocon group founder Venugopal Dhoot together with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused within the FIR registered in 2019 beneath Indian Penal Code sections associated to prison conspiracy and provisions of the Prevention of Corruption Act.
The central company has alleged non-public sector lender ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to those corporations in violation of norms.
It additional alleged that as part of quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables via Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar via a circuitous route between 2010 and 2012.
