
Bombay HC to pass order on January 9 in plea by Kochhars seeking immediate release
The Hindu
ICICI Bank, under the leadership of Chanda, sanctioned a credit of ₹3,250 crore in violation of various banking regulations to companies owned by the Videocon Group, alleges CBI
The Bombay High Court to pass orders in a plea by former ICICI CEO and MD Chanda Kochhar and her husband Deepak seeking immediate release from jail in the Videocon bank fraud case on January 9.
The couple was arrested by the Central Bureau of Investigation (CBI) on December 23 and Videocon group promoter Venugopal Dhoot was arrested on December 26, 2022. They were sent to judicial custody after three days.
A division Bench of Justices Revati Mohitedere and P.K. Chavan was hearing a petition filed by Ms. Kochhar and her husband Deepak seeking immediate release and quashing the First Information Report (FIR) against them.
Senior advocate Amit Desai appearing for Ms. Kochhar pointed out that she recorded her detailed statement before CBI on September 22, 2018, and the FIR was registered in 2019. Then, she was arrested in 2022.
CBI’s counsel senior advocate Raja Thakare argued, “there is material in this case, we will soon file a chargesheet based on it. The sessions court has perused the case diary.”
After hearing the arguments, the Bench said it will pass orders on January 9.
The CBI has alleged that ICICI bank, under the leadership of Ms. Kochhar, sanctioned a credit of ₹3,250 crore to companies owned by the Videocon Group which are in direct violation of The Banking Regulation Act, guidelines by the Reserve Bank of India and the credit policies of banks.