Mumbai: The Bombay High Court on Tuesday ruled that the arrest of ICICI Bank’s former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in the Videocon loan case was illegal.
A division bench of Justices Anuja Prabhudessai and NR Borkar gave the verdict, confirming the interim bail granted to the couple on January 9, 2023.
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The CBI arrested former ICICI Bank chief Chanda Kochhar and her husband Deepak Kochhar on December 24 for alleged irregularities in a loan of Rs 3,250 crore granted to the Videocon Group in 2012. It alleged that Kochhar’s husband and her family benefited from the dealings.
According to the charges, former Videocon Chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Deepak Kochhar, months after the ICICI Bank loan was granted to the Videocon Group. This amounted to criminal conspiracy and cheating, the probe agency said. Over a period of time, Dhoot had transferred the control of the company to Deepak Kochhar through multiple transactions.
In May 2018, ICICI bank initiated an inquiry against Kochhar following a complaint about her alleged role in granting out-of-turn loans, to the Videocon Group, which benefited her husband Deepak Kochhar.
On November 10 2022, the Bombay High Court said the termination of Chanda Kochhar from the post of CEO of ICICI Bank was prima facie a “valid termination” and dismissed her interim application seeking post-retirement benefits.
The Supreme Court in December 2023, upheld the order of Bombay High Court.
Kochhar, 59, had quit as CEO and Managing Director of ICICI Bank in October 2018 after allegations of her favouring the Videocon Group, a consumer electronics and oil and gas exploration company, emerged.
