The vacation bench said to Kochhars that it won’t intervene in the matter. They told the court to approach a regular bench when the court re-opens after vacation.
New Delhi: Former managing director and CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar challenged the arrest by the CBI in the Bombay High Court. They claimed that their arrest was an illegal move. The court on Tuesday turned down the petition. The vacation bench said to Kochhars that it won’t intervene in the matter. They told the court to approach a regular bench when the court re-opens after vacation.
Yesterday CBI arrested Videocon Group’s CEO Venugopal Dhoot for alleged irregularities in a ₹3,250 cr loan that Videocon got from ICICI Bank in 2012.
The CBI advocate said they have sought custody as they want to confront ‘all’ of them.
On Saturday, CBI got a three-day remand of the couple in the case. Yesterday, they have sought a remand for three more days. The CBI advocate said that they “We want to confront all of them”.
The CBI arrested the couple on Friday in connection with the alleged ICICI Bank-Videocon money laundering case.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.
During its preliminary inquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe.
The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.
Also Read: Chanda Kochhar: From Padma Bhushan To Jail
Chanda Kochhar who began her journey at ICICI as a trainee rose through the ranks in the bank. The company from a small financial services institution went on to become one of India’s largest lenders and a private financial behemoth that changed the face of the banking sector in the country.
Through the early 2000s, Kochhar received various big projects as ICICI tried to set itself apart in a still nascent market.
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