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  • SC to listen to CBI’s plea towards interim bail to former ICICI Bank CEO Chanda Kochhar, husband in mortgage fraud case

    By PTI

    NEW DELHI: The Supreme Court on Monday agreed to listen to the CBI’s plea towards grant of interim bail to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar by the Bombay High Court in a mortgage fraud case.

    A bench of Justices Aniruddha Bose and Bela M Trivedi issued discover to Chanda Kochhar and her husband on the probe company’s petition and sought their responses in three weeks.

    Additional Solicitor General SV Raju, showing for the CBI, stated the excessive court docket proceeded on a improper presumption that the offence is punishable with a most of seven years imprisonment with out contemplating part 409 of the IPC (felony breach of belief by public servant) which entails sentence starting from 10 years to life imprisonment.

    The bench requested Raju how part 409 of the IPC got here into play when ICICI was a personal financial institution. Raju replied that the financial institution could also be non-public however it entails public cash. The bench stated it’s issuing discover to the couple and in search of their replies in three weeks.

    The CBI has challenged the January 9 order of the excessive court docket granting interim reduction to the Kochhars.

    The prime court docket had on October 10 questioned the CBI over not objecting to the repeated extension of the two-week interim bail granted to them in January this 12 months.

    The excessive court docket had pulled up the CBI for arresting the couple in a “casual and mechanical” method and “clearly without application of mind” within the mortgage fraud case and granted them interim bail.

    The CBI arrested the Kochhars on December 23, 2022, in reference to the Videocon-ICICI Bank mortgage fraud case. The couple had moved the HC difficult their arrest, terming it as “illegal and arbitrary”. They had sought their launch from jail on bail by means of an interim order.

    The excessive court docket had stated the Kochhars’ arrest was not in accordance with the provisions of legislation and so they had been entitled to be launched on bail, pending the listening to and remaining disposal of their petitions.

    The grounds for arresting the petitioners (Kochhars), as acknowledged within the arrest memos, are unacceptable and opposite to the rationale(s)/ floor(s) on which an individual may be arrested, it had stated.

    ALSO READ  | SC questions CBI over not objecting to repeated extension of interim bail to Chanda Kochhar, husband

    Apart from the Kochhars, the CBI additionally arrested Videocon group founder Venugopal Dhoot within the case.

    The central company has alleged the ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to the businesses of the Videocon group in violation of the Banking Regulation Act, Reserve Bank of India’s pointers and credit score coverage of the highest non-public lender.

    The CBI had named Chanda Kochhar, who was ICICI Bank CEO and MD from 2009 to 2018, Deepak Kochhar, Dhoot together with a slew of companies – Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries – as accused within the FIR registered beneath Indian Penal Code sections associated to felony conspiracy and provisions of the Prevention of Corruption Act (PCA).

    Nupower Renewables is managed by Deepak Kochhar.

    The central company has alleged as quid professional quo (favour or benefit granted in return for one thing), Videocon group founder Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012.

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    NEW DELHI: The Supreme Court on Monday agreed to listen to the CBI’s plea towards grant of interim bail to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar by the Bombay High Court in a mortgage fraud case.

    A bench of Justices Aniruddha Bose and Bela M Trivedi issued discover to Chanda Kochhar and her husband on the probe company’s petition and sought their responses in three weeks.

    Additional Solicitor General SV Raju, showing for the CBI, stated the excessive court docket proceeded on a improper presumption that the offence is punishable with a most of seven years imprisonment with out contemplating part 409 of the IPC (felony breach of belief by public servant) which entails sentence starting from 10 years to life imprisonment.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2′); );

    The bench requested Raju how part 409 of the IPC got here into play when ICICI was a personal financial institution. Raju replied that the financial institution could also be non-public however it entails public cash. The bench stated it’s issuing discover to the couple and in search of their replies in three weeks.

    The CBI has challenged the January 9 order of the excessive court docket granting interim reduction to the Kochhars.

    The prime court docket had on October 10 questioned the CBI over not objecting to the repeated extension of the two-week interim bail granted to them in January this 12 months.

    The excessive court docket had pulled up the CBI for arresting the couple in a “casual and mechanical” method and “clearly without application of mind” within the mortgage fraud case and granted them interim bail.

    The CBI arrested the Kochhars on December 23, 2022, in reference to the Videocon-ICICI Bank mortgage fraud case. The couple had moved the HC difficult their arrest, terming it as “illegal and arbitrary”. They had sought their launch from jail on bail by means of an interim order.

    The excessive court docket had stated the Kochhars’ arrest was not in accordance with the provisions of legislation and so they had been entitled to be launched on bail, pending the listening to and remaining disposal of their petitions.

    The grounds for arresting the petitioners (Kochhars), as acknowledged within the arrest memos, are unacceptable and opposite to the rationale(s)/ floor(s) on which an individual may be arrested, it had stated.

    ALSO READ  | SC questions CBI over not objecting to repeated extension of interim bail to Chanda Kochhar, husband

    Apart from the Kochhars, the CBI additionally arrested Videocon group founder Venugopal Dhoot within the case.

    The central company has alleged the ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to the businesses of the Videocon group in violation of the Banking Regulation Act, Reserve Bank of India’s pointers and credit score coverage of the highest non-public lender.

    The CBI had named Chanda Kochhar, who was ICICI Bank CEO and MD from 2009 to 2018, Deepak Kochhar, Dhoot together with a slew of companies – Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries – as accused within the FIR registered beneath Indian Penal Code sections associated to felony conspiracy and provisions of the Prevention of Corruption Act (PCA).

    Nupower Renewables is managed by Deepak Kochhar.

    The central company has alleged as quid professional quo (favour or benefit granted in return for one thing), Videocon group founder Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012. Follow The New Indian Express channel on WhatsApp

  • Loan fraud case: Bombay HC grants bail to ICICI Bank ex-CEO Chanda Kochhar, her husband Deepak

    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.

  • From an trade chief to a defaulter: Rise and fall of Venugopal Dhoot

    By PTI

    NEW DELHI: Starting with a household, which had a dealership of Bajaj Auto’s scooters, to changing into the proprietor of a family title in shopper home equipment who might afford to have Bollywood famous person Shah Rukh Khan because the model ambassador, Venugopal Dhoot’s is a narrative of an aggressive small city businessman’s pursuit to be on the highest.

    Now arrested in reference to the ICICI Bank mortgage fraud case, Venugopal Dhoot throughout his heydays was not the one to easily sit on small achievements like Videocon changing into the most important tv set producer in India.

    The eldest son of late Nandlal Madhavlal Dhoot, who based the Videocon Group in 1984, Venugopal was largely accountable for driving the conglomerate to diversify into numerous verticals, resembling oil and gasoline, actual property and retail, past its profitable shopper electronics and residential home equipment enterprise.

    Dhoot, the safari-suited businessman, was born into an agricultural household in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain commerce.

    In 1982, when the general public broadcaster Doordarshan started transmitting color tv programmes in India, it opened a brand new phase.

    Here the Dhoot household tried their luck within the uncharted territory of producing typical tube-based color TV units.

    Dhoot who had an engineering diploma from the University of Pune set off to Japan for a yr to be skilled at electronics firms.

    In 1986, he based Videocon International, which aimed toward manufacturing 1,00,000 TV units a yr. It entered into technical collaboration with the Japanese main Toshiba and from right here there was no wanting again. From color TV units, Videcon within the Nineties expanded into different verticals, resembling fridges, washing machines, air conditioners, dwelling leisure programs and different small home equipment.

    It pushed up to date rivals like Mirc Electronic (Onida), Salora, Weston and so forth with reasonably priced pricing.

    Its TV fashions like Bazooka and Bazoomba had been the market’s favourites within the early 90s.

    After having success in its shopper electronics and residential home equipment enterprise, Dhoot expanded Videocon Industries into different areas, resembling Oil & Gas, mobile companies and others.

    However, Dhoot’s downfall began when it entered into the mobile service space with Videocon Telecommunications. It might launch industrial companies solely in 11 out of the 18 circles it held licences.

    In 2012, after the 2G spectrum case, the Supreme Court cancelled 122 licences issued by the central authorities in 2008, 21 licences belonged to Videocon. In the 2012 spectrum public sale, Videocon gained again licences in 6 circles however offered to the market chief Bharti Airtel and shut down operations.

    Moreover, within the late 90s South Korean giants like LG Electronics and Samsung entered the Indian market, which disrupted shopper electronics and home equipment with the most recent know-how and high quality merchandise at reasonably priced pricing.

    Though Videocon Industries had a number of verticals, its predominant money cow was the patron electronics and home equipment enterprise. As Videocon didn’t face the challenges from rivals Sony, LG and Samsungs, its income acquired stagnated and progressively it sat on a pile of debt.

    Dhoot tried to pair money owed by promoting a few of his property.

    The firm merged its DTH enterprise with Dish TV. They offered possession in a few of their gasoline fields and telecom enterprise, however it didn’t work. Finally, in 2018, it was dragged to the insolvency tribunal NCLT by its creditor. It owed round Rs 31,000 crore to the banks, together with pursuits.

    At the request of lenders, the National Company Law Tribunal (NCLT) has carried out a consolidated company insolvency decision course of by combining Videocon Industries and the opposite 12 Videocon group firms.

    In June 2021, a bid of merely Rs 2,692 crore from billionaire Anil Agarwal’s Twin Star Technologies to take over Videocon Industries was authorised by the NCLT. This additionally went into controversy.

    Earlier this yr, the National Company Law Appellate Tribunal (NCLAT) had put aside Twin Star’s Rs 2,692 crore bid, directing to ask recent bids. Though it was challenged earlier than the Supreme Court by Twin Star, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser.

    According to some sources, the lenders might even contemplate liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was successful story.

    ALSO READ | Videocon mortgage case: Ex-ICICI MD Chanda Kochhar, husband in CBI custody

    NEW DELHI: Starting with a household, which had a dealership of Bajaj Auto’s scooters, to changing into the proprietor of a family title in shopper home equipment who might afford to have Bollywood famous person Shah Rukh Khan because the model ambassador, Venugopal Dhoot’s is a narrative of an aggressive small city businessman’s pursuit to be on the highest.

    Now arrested in reference to the ICICI Bank mortgage fraud case, Venugopal Dhoot throughout his heydays was not the one to easily sit on small achievements like Videocon changing into the most important tv set producer in India.

    The eldest son of late Nandlal Madhavlal Dhoot, who based the Videocon Group in 1984, Venugopal was largely accountable for driving the conglomerate to diversify into numerous verticals, resembling oil and gasoline, actual property and retail, past its profitable shopper electronics and residential home equipment enterprise.

    Dhoot, the safari-suited businessman, was born into an agricultural household in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain commerce.

    In 1982, when the general public broadcaster Doordarshan started transmitting color tv programmes in India, it opened a brand new phase.

    Here the Dhoot household tried their luck within the uncharted territory of producing typical tube-based color TV units.

    Dhoot who had an engineering diploma from the University of Pune set off to Japan for a yr to be skilled at electronics firms.

    In 1986, he based Videocon International, which aimed toward manufacturing 1,00,000 TV units a yr. It entered into technical collaboration with the Japanese main Toshiba and from right here there was no wanting again. From color TV units, Videcon within the Nineties expanded into different verticals, resembling fridges, washing machines, air conditioners, dwelling leisure programs and different small home equipment.

    It pushed up to date rivals like Mirc Electronic (Onida), Salora, Weston and so forth with reasonably priced pricing.

    Its TV fashions like Bazooka and Bazoomba had been the market’s favourites within the early 90s.

    After having success in its shopper electronics and residential home equipment enterprise, Dhoot expanded Videocon Industries into different areas, resembling Oil & Gas, mobile companies and others.

    However, Dhoot’s downfall began when it entered into the mobile service space with Videocon Telecommunications. It might launch industrial companies solely in 11 out of the 18 circles it held licences.

    In 2012, after the 2G spectrum case, the Supreme Court cancelled 122 licences issued by the central authorities in 2008, 21 licences belonged to Videocon. In the 2012 spectrum public sale, Videocon gained again licences in 6 circles however offered to the market chief Bharti Airtel and shut down operations.

    Moreover, within the late 90s South Korean giants like LG Electronics and Samsung entered the Indian market, which disrupted shopper electronics and home equipment with the most recent know-how and high quality merchandise at reasonably priced pricing.

    Though Videocon Industries had a number of verticals, its predominant money cow was the patron electronics and home equipment enterprise. As Videocon didn’t face the challenges from rivals Sony, LG and Samsungs, its income acquired stagnated and progressively it sat on a pile of debt.

    Dhoot tried to pair money owed by promoting a few of his property.

    The firm merged its DTH enterprise with Dish TV. They offered possession in a few of their gasoline fields and telecom enterprise, however it didn’t work. Finally, in 2018, it was dragged to the insolvency tribunal NCLT by its creditor. It owed round Rs 31,000 crore to the banks, together with pursuits.

    At the request of lenders, the National Company Law Tribunal (NCLT) has carried out a consolidated company insolvency decision course of by combining Videocon Industries and the opposite 12 Videocon group firms.

    In June 2021, a bid of merely Rs 2,692 crore from billionaire Anil Agarwal’s Twin Star Technologies to take over Videocon Industries was authorised by the NCLT. This additionally went into controversy.

    Earlier this yr, the National Company Law Appellate Tribunal (NCLAT) had put aside Twin Star’s Rs 2,692 crore bid, directing to ask recent bids. Though it was challenged earlier than the Supreme Court by Twin Star, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser.

    According to some sources, the lenders might even contemplate liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was successful story.

    ALSO READ | Videocon mortgage case: Ex-ICICI MD Chanda Kochhar, husband in CBI custody

  • Videocon founder Venugopal Dhoot arrested in ICICI Bank mortgage fraud case 

    Express News Service

    Former Chief of the Videocon group Venugopal Dhoot was arrested by the CBI on Monday morning in Mumbai, in reference to irregularities in a mortgage disbursement – to the tune of over Rs 3000 crore – by ICICI financial institution to the group between 2009 and 2011.  

    The arrest comes near the arrests of former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in the identical case being probed by the CBI. Dhoot will likely be produced earlier than a particular CBI courtroom.

    The mortgage was sanctioned to the Videocon Group on the time when Chanda Kochhar was the chief of ICICI financial institution. The mortgage, which was moved to the non-performing asset class, allegedly precipitated losses to the tune of over Rs 1750 crores to ICICI financial institution, the CBI has alleged.

    ALSO READ | Sebi but to obtain reply from ICICI Bank on Chanda Kochhar subject: Ajay Tyagi

    Kochhar and her husband had been arrested by the CBI final week, on Friday in reference to the case and had been taken to Mumbai from Delhi by the CBI on an early morning flight on Saturday, the place they had been produced earlier than a particular CBI courtroom.

    The Kochhar couple was arrested by the CBI for “non-cooperation” with the company throughout a questioning session on Friday, for which the duo was summoned to Delhi. Consistent incoherence of their deposition and non-cooperation prompted the company to take them into custody on Friday, sources within the CBI mentioned. The couple had been remanded in CBI custody until Monday.

    Seeking their remand to probe the matter additional the CBI submitted earlier than the courtroom that the mortgage prolonged to the Videocon Group throughout Kochhar’s tenure had precipitated loss to the tune of Rs 1,730 crore to ICICI financial institution.

    The company alleged that when Chanda Kochhar took cost of ICICI financial institution, six loans had been sanctioned to varied firms of Videocon out of which a minimum of two loans had been sanctioned by committees the place Chanda Kochhar was a member. In different cases, she influenced committees additionally to sanction loans to Videocon group, CBI mentioned.

    The CBI additionally alleged that in 2009, Rs 64 crore mortgage was given by the Videocon group to Nupower, which is Deepak Kochhar’s agency. The company additionally knowledgeable the courtroom that it is usually probing the transaction by which a flat in Mumbai, valued round Rs 5.25 crore in 1996, was transferred to the household belief of Kochhar’s in 2016 at a throwaway value manner lower than a crore.

    ALSO READ | Chanda Kochhar cites poor well being, seeks break from ED grilling

    According to the case registered in Mumbai by the CBI Kochhar had allegedly favoured Videocon Group a multi-business entity, identified for its digital merchandise, by permitting “deviations” within the financial institution’s lending insurance policies.

    She was charged with legal conspiracy and dishonest by the company for alleged irregularities in a mortgage prolonged to the Videocon Group in 2012 that changed into a non-performing asset for the ICICI Bank. The transaction nonetheless benefitted the Kochhars the CBI had alleged.

    ALSO READ | Videocon chairman Venugopal Dhoot denies dealings with Deepak Kochhar past preliminary funding in Nupower 

    The ICICI in 2019, declared that it’ll classify Kochhar’s departure as “termination for cause” as a result of she had damaged the financial institution’s code of conduct and inner requirements.

    The case was out of the information for some time however just lately got here underneath the highlight following the questioning of Venugopal Dhoot, the ex-chief of the Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the company in reference to the mortgage prolonged to the group by ICICI throughout Kochhar’s tenure.  The ED is investigating the cash laundering angle in reference to the matter. 

    Former Chief of the Videocon group Venugopal Dhoot was arrested by the CBI on Monday morning in Mumbai, in reference to irregularities in a mortgage disbursement – to the tune of over Rs 3000 crore – by ICICI financial institution to the group between 2009 and 2011.  

    The arrest comes near the arrests of former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in the identical case being probed by the CBI. Dhoot will likely be produced earlier than a particular CBI courtroom.

    The mortgage was sanctioned to the Videocon Group on the time when Chanda Kochhar was the chief of ICICI financial institution. The mortgage, which was moved to the non-performing asset class, allegedly precipitated losses to the tune of over Rs 1750 crores to ICICI financial institution, the CBI has alleged.

    ALSO READ | Sebi but to obtain reply from ICICI Bank on Chanda Kochhar subject: Ajay Tyagi

    Kochhar and her husband had been arrested by the CBI final week, on Friday in reference to the case and had been taken to Mumbai from Delhi by the CBI on an early morning flight on Saturday, the place they had been produced earlier than a particular CBI courtroom.

    The Kochhar couple was arrested by the CBI for “non-cooperation” with the company throughout a questioning session on Friday, for which the duo was summoned to Delhi. Consistent incoherence of their deposition and non-cooperation prompted the company to take them into custody on Friday, sources within the CBI mentioned. The couple had been remanded in CBI custody until Monday.

    Seeking their remand to probe the matter additional the CBI submitted earlier than the courtroom that the mortgage prolonged to the Videocon Group throughout Kochhar’s tenure had precipitated loss to the tune of Rs 1,730 crore to ICICI financial institution.

    The company alleged that when Chanda Kochhar took cost of ICICI financial institution, six loans had been sanctioned to varied firms of Videocon out of which a minimum of two loans had been sanctioned by committees the place Chanda Kochhar was a member. In different cases, she influenced committees additionally to sanction loans to Videocon group, CBI mentioned.

    The CBI additionally alleged that in 2009, Rs 64 crore mortgage was given by the Videocon group to Nupower, which is Deepak Kochhar’s agency. The company additionally knowledgeable the courtroom that it is usually probing the transaction by which a flat in Mumbai, valued round Rs 5.25 crore in 1996, was transferred to the household belief of Kochhar’s in 2016 at a throwaway value manner lower than a crore.

    ALSO READ | Chanda Kochhar cites poor well being, seeks break from ED grilling

    According to the case registered in Mumbai by the CBI Kochhar had allegedly favoured Videocon Group a multi-business entity, identified for its digital merchandise, by permitting “deviations” within the financial institution’s lending insurance policies.

    She was charged with legal conspiracy and dishonest by the company for alleged irregularities in a mortgage prolonged to the Videocon Group in 2012 that changed into a non-performing asset for the ICICI Bank. The transaction nonetheless benefitted the Kochhars the CBI had alleged.

    ALSO READ | Videocon chairman Venugopal Dhoot denies dealings with Deepak Kochhar past preliminary funding in Nupower 

    The ICICI in 2019, declared that it’ll classify Kochhar’s departure as “termination for cause” as a result of she had damaged the financial institution’s code of conduct and inner requirements.

    The case was out of the information for some time however just lately got here underneath the highlight following the questioning of Venugopal Dhoot, the ex-chief of the Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the company in reference to the mortgage prolonged to the group by ICICI throughout Kochhar’s tenure.  The ED is investigating the cash laundering angle in reference to the matter. 

  • Videocon mortgage case: CBI arrests ex-ICICI Bank CEO Chanda Kochhar, husband Deepak Kochhar

    By PTI

    NEW DELHI: The CBI on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in reference to alleged dishonest and irregularities in loans sanctioned by the financial institution to Videocon Group corporations, officers stated.

    They stated the Kochhars have been referred to as to the company headquarters and arrested after a short questioning session. The CBI has alleged that they have been evasive of their responses and didn’t cooperate within the investigation.

    The Kochhars shall be produced earlier than a particular CBI courtroom on Saturday.

    They are prone to be saved in separate lockups on the bottom flooring of the 11-storeyed company headquarters after their medical examination.

    Sources stated that company is prone to transfer at a swift tempo to file the primary cost sheet within the case through which the Kochhars could possibly be named together with Venugopal Dhoot of Videocon Group.

    The CBI had named the Kochhars and Dhoot, together with corporations Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused within the FIR registered beneath IPC sections associated to legal conspiracy and provisions of the Prevention of Corruption Act in 2019, they stated.

    The CBI had alleged that ICICI financial institution had sanctioned credit score services to the tune of Rs 3,250 crore to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI pointers, and credit score coverage of the financial institution.

    It was additionally alleged that as part of the quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables by means of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by means of a circuitous route between 2010 and 2012, the FIR has alleged.

    It is alleged that throughout the tenure of Chanda Kochhar at ICICI Bank, six loans price Rs 1,875 crore have been cleared for the Videocon Group and its related corporations throughout 2009-11.

    In two circumstances, she was on the sanctioning committees.

    Chanda Kochhar was on the sanctioning committee deciding two loans — Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries Limited on October 31, 2011 — the FIR has alleged.

    The loans have been issued in alleged violation of the laid-down insurance policies and laws of the financial institution, it alleged. Most of those loans turned non-performing belongings, inflicting a lack of Rs 1,730 crore to the financial institution, it alleged.

    A day after the Rs 300-crore mortgage was disbursed by ICICI Bank to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it alleged.

    The switch of Rs 64 crore was produced from Videocon Industries Ltd by means of SEPL.

    “This was the first major capital received by NRL (Nupower Renewables) to acquire the first power plant. Chanda Kochhar got illegal gratification, undue benefit through her husband from VIL/VN Dhoot for sanctioning Rs 300 crore loan to VIEL,” the FIR alleged.

    On May 1, 2009, Chanda Kochhar took over the cost of ICICI Bank as Managing Director and CEO.

    NEW DELHI: The CBI on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in reference to alleged dishonest and irregularities in loans sanctioned by the financial institution to Videocon Group corporations, officers stated.

    They stated the Kochhars have been referred to as to the company headquarters and arrested after a short questioning session. The CBI has alleged that they have been evasive of their responses and didn’t cooperate within the investigation.

    The Kochhars shall be produced earlier than a particular CBI courtroom on Saturday.

    They are prone to be saved in separate lockups on the bottom flooring of the 11-storeyed company headquarters after their medical examination.

    Sources stated that company is prone to transfer at a swift tempo to file the primary cost sheet within the case through which the Kochhars could possibly be named together with Venugopal Dhoot of Videocon Group.

    The CBI had named the Kochhars and Dhoot, together with corporations Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused within the FIR registered beneath IPC sections associated to legal conspiracy and provisions of the Prevention of Corruption Act in 2019, they stated.

    The CBI had alleged that ICICI financial institution had sanctioned credit score services to the tune of Rs 3,250 crore to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI pointers, and credit score coverage of the financial institution.

    It was additionally alleged that as part of the quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables by means of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by means of a circuitous route between 2010 and 2012, the FIR has alleged.

    It is alleged that throughout the tenure of Chanda Kochhar at ICICI Bank, six loans price Rs 1,875 crore have been cleared for the Videocon Group and its related corporations throughout 2009-11.

    In two circumstances, she was on the sanctioning committees.

    Chanda Kochhar was on the sanctioning committee deciding two loans — Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries Limited on October 31, 2011 — the FIR has alleged.

    The loans have been issued in alleged violation of the laid-down insurance policies and laws of the financial institution, it alleged. Most of those loans turned non-performing belongings, inflicting a lack of Rs 1,730 crore to the financial institution, it alleged.

    A day after the Rs 300-crore mortgage was disbursed by ICICI Bank to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it alleged.

    The switch of Rs 64 crore was produced from Videocon Industries Ltd by means of SEPL.

    “This was the first major capital received by NRL (Nupower Renewables) to acquire the first power plant. Chanda Kochhar got illegal gratification, undue benefit through her husband from VIL/VN Dhoot for sanctioning Rs 300 crore loan to VIEL,” the FIR alleged.

    On May 1, 2009, Chanda Kochhar took over the cost of ICICI Bank as Managing Director and CEO.

  • Bombay High Court sends Chanda Kochhar’s swimsuit over ICICI Bank dues to civil division

    The Bombay High Court on Tuesday allowed a plea filed by ICICI Bank and directed its former CEO Chanda Kochhar to strategy the suitable judicial discussion board of the HC by holding that the character of the swimsuit filed by her in connection together with her entitlements and advantages was not a industrial dispute.

    In its plea, ICICI Bank argued that the swimsuit needs to be handled as civil swimsuit because it was a matter between an worker and an employer.

    The HC directed its registry to switch the stated swimsuit from the court docket’s industrial division which is ruled by the Commercial Courts Act, 2015 to its common civil division which is ruled by the Civil Procedure Code (CPC). The excessive court docket, which is a constitution court docket, has unique jurisdiction (the court docket could be approached via fits as court docket of first occasion) primarily based on the territory and the worth concerned. After the 2015 Act was carried out, a industrial division was added on the HC, which governs the fits filed underneath the stated regulation.

    A single-judge bench of Justice N J Jamadar handed an order in Kochhar’s swimsuit filed this January, looking for particular efficiency commitments and contractual obligations promised to her after her early retirement in October 2018.

    Kochhar had claimed that ICICI Bank was required to pay her entitlements almost over Rs 1,000 crore as per present market worth. She submitted that the financial institution reneged on its contractual commitments and can’t terminate an individual who had already retired.

    Subsequently, the financial institution had filed an intervention software in Kocchar’s swimsuit stating that underneath the 2015 Act, the industrial court docket can solely hear fits and purposes referring to “commercial dispute” of particular worth, which was not the case in Kochhar’s plea and subsequently it needs to be transferred to common civil division of the HC.

    Senior advocate Darius Khambata representing ICICI Bank, argued that Kochhar had wrongly filed the swimsuit underneath the 2015 Act. “The suit is filed in relation to a dispute, which does not fall un-der the definition of a ‘commercial dispute’… the commercial division of this court has no juris-diction to entertain, try and/or dispose of the present suit,” ICICI Bank’s plea had stated.

    However, Kochhar, in her reply, acknowledged that the financial institution’s software must be dismissed on the threshold because it was not maintainable and was misconceived. She added that the applying had been belatedly filed solely to delay listening to on her interim pleas.

    In December 2020, the Supreme Court had declined to intervene with a Bombay High Court order upholding the January 2019 determination of ICICI Bank to terminate Kochhar’s providers as its manag-ing director and CEO. She had earlier moved the excessive court docket, contending that the termination was communicated months after ICICI Bank permitted her voluntary resignation in October 2018. Termination from service, she stated, was subsequently “illegal, untenable and unsustainable in law”.

    In January 2019, the board of ICICI Bank, after contemplating an investigation performed by retired Supreme Court decide BN Srikrishna, sacked Kochhar and determined to claw again all bonuses given to her since 2009 when she took cost of the highest put up.

  • PMLA case: Former ICICI Bank CEO Chanda Kochhar granted bail

    Image Source : PTI (FILE) Former ICICI Bank CEO Chanda Kochhar granted bail in PMLA case
    Former ICICI Bank CEO and MD Chanda Kochhar was granted bail by a particular PMLA court docket on Friday in reference to the ICICI Bank-Videocon cash laundering case.
    The particular court docket for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and different accused within the case after taking cognisance of the Enforcement Directorate’s (ED) cost sheet.

    Accordingly, Chanda Kochhar appeared earlier than particular court docket choose A A Nandgoankar.
    Following her look, her lawyer Vijay Agarwal filed her bail utility. The court docket allowed the identical on a bond of Rs 5 lakh.
    The ED had arrested her husband Deepak Kochhar in September 2020 after it filed a felony case for cash laundering based mostly on an FIR registered by the CBI in opposition to the Kochhars, Dhoot and others. 
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  • Ex-ICICI CEO Chanda Kochhar seems earlier than courtroom

    Former ICICI Bank CEO and MD Chanda Kochhar appeared earlier than a particular PMLA courtroom right here on Friday in reference to the ICICI Bank-Videocon cash laundering case. The particular courtroom for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and different accused within the case after taking cognisance of the Enforcement Directorate’s (ED) cost sheet.
    Chanda Kochhar appeared earlier than the particular Judge A A Nandgoankarand filed a bail software by means of her lawyer Vijay Agarwal. The courtroom requested the ED to file its reply on her bail software.
    The ED had arrested Deepak Kochhar in September 2020 after it filed a prison case for cash laundering based mostly on an FIR registered by the CBI in opposition to the Kochhars, Dhoot and others.

    The ED has alleged that Rs 64 crore, out of a mortgage quantity of Rs 300 crore sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of mortgage.
    NRPL was earlier generally known as Nupower Renewables Limited (NRL) and is owned by Deepak Kochhar, the ED stated.
    Taking cognisance of the cost sheet, Judge A A Nandgoankar had noticed, “After going through the submissions, written complaints and statements recorded under PMLA, it appears that Chanda Kochhar had misused her official position in granting loan to accused Dhoot and/or Videocon group companies.”

    “And (it appears) she got illegal gratification/undue advantage through her husband…through various companies for siphoning off money and proceeds of crime,” the courtroom had stated.
    The materials produced by the ED constitutes the fee of offence, and it’s “sufficient to proceed against the accused persons”, the courtroom had stated.