Bombay HC Directs Release Of Former ICICI CEO Chanda And Deepak Kochhar
By-Naresh
summary
The High Court directed the release of the couple duo in the bank loan fraud case while noting that the arrest was not in accordance with the law.
The Division Bench of the Bombay High Court comprising Justice Revati Mohite Dere and Justice PK Chavan on Monday directed the release of the former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon ICICI Bank Loan Case. The High Court while directing the release of the duo on a cash bail of Rs. 100000 noted that according to the facts of the case, the petitioners’ arrest was not in accordance with Section 41A of the Code of Criminal Procedure
A case was registered against the duo by the CBI after a whistleblower alleged that Chanda had given loans worth Rs. 3250 crores to the Videocon group. As a quid pro quo, the Videocon group invested in the company of Deepak Kochhar. The loan granted to the Videocon group was later declared as an NPA. The husband and wife duo were arrested on December 24, 2022, by the CBI and are currently in judicial custody. The CBI had also arrested Venugopal Dhoot of the Videocon group.
Senior Advocate Amit Desai for Chanda Kochhar argued that the arrest was made in contravention of the procedure laid down in the Criminal Procedure Code and that she was arrested after sunset. Further, he informed the court that there was no female police officer present while Chanda was arrested by the CBI. He submitted before the court that she had co-operated with the summons issued to her by the CBI. Further, he relied on the statement of the Enforcement Directorate in the connected case wherein the agency had submitted in the Supreme Court custody of Chanda was not required.
Senior Advocate Vikram Chaudhari for Deepak had argued that he was granted bail in PMLA Case in 2021 and has been cooperating with the investigation too. Senior Advocate Raja Thakare for the CBI argued that the agency wants to confront the duo together and only then would the truth come out. He submitted that there was a charge of conspiracy and that the agency would soon file a chargesheet and there was no violation of the constitutional provisions.
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