Tag: Deepak Kochhar

  • 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.

  • 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.

  • Former ICICI Bank chief Chanda Kochhar’s husband granted bail in cash laundering case

    The Bombay High Court Thursday granted bail to businessman Deepak Kochhar, husband of ex-ICICI Bank CEO Chanda Kochhar, within the alleged ICICI Bank- Videocon cash laundering case.
    A single-judge bench of Justice Prakash D Naik granted the bail on furnishing a private bond of Rs. 3 lakh and sureties. The courtroom additionally ordered him to give up his passport and co-operate with the probe. A particular courtroom had rejected Deepak’s bail plea in November 2020.
    Deepak Kochhar was arrested in September 2020 in reference to its cash laundering probe into loans disbursed by ICICI Bank to Videocon group for alleged pecuniary issues.

    ED is probing Deepak and Chanda Kochhar other than Videocon Group promoter VN Dhoot for alleged cash laundering within the matter of loans disbursed to the Videocon Group by the ICICI Bank. The loans later turned Non-Performing Assets (NPA). Videocon Group had allegedly made investments into corporations held by Deepak Kochhar after disbursal of loans cleared by Chanda.

    According to ED, its probe has revealed that loans had been refinanced and new mortgage aggregating to Rs 1,730 crore was sanctioned to M/s Videocon Industries Limited (VIL) and its group corporations. These loans grew to become NPA for ICICI Bank on June 30, 2017.
    It has additionally alleged that Chanda Kochhar, who took an early retirement in October final yr within the wake of allegations, had accepted “illegal gratification through her husband” Deepak Kochhar, in whose firm Vidocon group made investments after it was granted loans by the ICICI Bank.

    On March 31, 2018, The Indian Express had first reported how in December 2008, Venugopal Dhoot of the Videocon Group arrange an organization with Deepak Kochhar and two of Chanda Kochhar’s kinfolk; then gave a Rs 64-crore mortgage to this firm by way of a totally owned entity earlier than he transferred the latter’s possession to a belief headed by Deepak Kochhar for simply Rs 9 lakh.