New Delhi, The Supreme Court on Friday sought responses from ICICI Bank’s former Managing Director and Chief Executive Officer Chanda Kochhar and her businessman husband Deepak Kochhar on a plea filed against the Bombay High Court order declaring their arrest as “illegal”. A bench of Justices Sanjiv Khanna and Sanjay Kumar issued notice to the couple and sought their replies on the appeal filed by the central probe agency.
Additional Solicitor General S V Raju, appearing for the Central Bureau of Investigation (CBI), challenged the high court court order and said their arrest in the case was justified.
Raju informed the apex court that Chanda Kochhar remained on interim bail for a long time and spent only about two weeks in custody.
The high court had on February 6 held as “illegal” their arrest while confirming a January 2023 interim order passed by another bench granting the duo bail days after their arrest in the case.
The couple was arrested by the CBI on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
They immediately moved the high court challenging their arrest and sought it to be declared as illegal. By way of an interim relief, they also sought to be released on bail.
On January 9, 2023, the high court, in an interim order, granted bail to them and came down heavily on the CBI for making the arrests in a “casual and mechanical” manner and without application of mind.
The high court allowed their petition declaring their arrest as “illegal” and confirmed the earlier interim order for bail.
Apart from the Kochhars, the CBI had also arrested Videocon group founder Venugopal Dhoot in the case. He, too, was granted bail by the high court in January 2023 by an interim order.
The central agency has alleged that ICICI Bank had sanctioned credit to the tune of Rs 3,250 crore to Videocon Group companies promoted by Dhoot in violation of the Banking Regulation Act, Reserve Bank of India guidelines and credit policy of the private sector lender.
The CBI had named Chanda Kochhar, Deepak Kochhar as well as Dhoot along with Nupower Renewables (NRL), managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The central agency has alleged that as a part of a quid pro quo (a favour granted in return for something), 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.
