Bombay HC refuses to intervene in arrest of Kochhar couple

Bombay High Court vacation bench refused to intervene in the matter of arrest of Former MD & CEO of ICICI bank Chanda Kochhar and Deepak Kochhar and has asked them to approach regular bench when court re-opens after vacation.

ICICI Bank's former CEO Chanda Kochhar and her husband Deepak Kochhar was arrested by the CBI over irregularities in loans granted to the Videocon Group, when she was in charge. On May 1, 2009, Chanda Kochhar has taken over the charge of ICICI Bank as Managing Director and CEO.

According to the CBI, the Kochhars and Dhoot, as well as companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited were named as accused in an FIR filed in 2019 under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.

The CBI claimed that ICICI Bank granted credit facilities worth Rs 3,250 crore to Videocon Group companies promoted by Dhoot in contravention of the Banking Regulation Act, RBI norms, and the bank's credit policy. As part of the deal, Dhoot allegedly invested Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust headed by Deepak Kochhar via a convoluted process between 2010 and 2012.

 

Bombay HC vacation bench refused to intervene in the matter of arrest of Former MD & CEO of ICICI bank Chanda Kochhar & Deepak Kochhar & has asked them to approach regular bench when court re-opens after vacation

They approached HC challenging their arrest by CBI in a loan case pic.twitter.com/0d1MFYK3yT

— ANI (@ANI) December 27, 2022