NEW DELHI: The Bombay high court on Monday granted bail to Chanda Kochhar, former ICICI Bank CEO and MD, and her husband Deepak Kochhar in a loan fraud case linked to Videocon group of companies.
The Court ordered their release in the plea alleging illegal arrest. They are presently in judicial custody.
A division bench of Justices Revati Mohite Dere and P K Chavan directed the Kochhars to deposit a cash bail amount of Rs one lakh each with one or more sureties of the same amount. The bench asked the duo to surrender their passports and cooperate with the probe.
The order was passed on petitions filed by Chanda Kochhar and her husband challenging their arrest. The duo in their pleas also said that the CBI arrest was arbitrary and illegal. “We have held that the petitioners’ arrest was not in accordance with provisions of law and this warrants their release,” the high court said.
In late December, both were arrested following questioning in the case. CBI produced the duo in the special court seeking three days’ custody, which was granted. However, CBI accused them of non-cooperation in the investigation.
Chanda Kochhar took charge of the ICICI Bank as its managing director (MD) and chief executive officer (CEO) in May 2009, after which she allegedly illegally sanctioned loans to the Videocon group of companies.
The ICICI Bank loans of Rs 1,875 crore to the Videocon group companies became non-performing assets (NPA) in 2017. It caused loss to the bank, according to the CBI. Watch Bombay HC orders release of former ICICI Bank MD & CEO Chanda KochharRepublished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/loan-fraud-case-bombay-hc-grants-bail-to-ex-icici-bank-md-chanda-kochhar-husband-deepak-kochhar/articleshow/96846051.cms