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 today, confirming the interim bail granted to the couple on January 9, 2023.
The CBI arrested former ICICI Bank chief
Chanda Kochhar and her husband Deepak Kochhar on December 24 for alleged irregularities in a loan of
₹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.
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.
