Sunday, January 29, 2023

ICICI Bank-Videocon Scam: Bombay HC Grants Bail To Kochhar Couple

Mumbai: The Bombay High Court on Monday ordered the release of former ICICI CEO Chanda Kochhar and Deepak Kochhar from judicial custody after CBI arrest.

“Arrest not in accordance with the law,” the court observed. The couple has been released from the judicial custody on bond of Rs 1 lakh.

The Bombay High Court on Friday reserved its order on the petitions filed by former ICICI Bank Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar over the issue of alleged “illegal arrest” by CBI.

The CBI had named the Kochhars, Videocon Group chairman Venugopal Dhoot, along with companies NuPower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.

The CBI alleges that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.

It further alleged that as a part of quid pro quo, Venugopal Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

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