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Synopsis

The Bombay High Court has confirmed the interim bail granted to former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon Loan Fraud Case.

A division bench of the high court, comprising Justice Anuja Prabhudesai and Justice NR Borkar, declared the arrest of the couple as illegal while confirming the interim bail granted to the Kochhars on January 09, 2023.

A case was registered against the duo by the CBI after a whistleblower alleged that Chanda had given loans worth Rs. 3250 crores to the Videocon group. As a quid pro quo, the Videocon group invested in the company of Deepak Kochhar. The loan granted to the Videocon group was later declared as an NPA.

The husband and wife duo were arrested on December 24, 2022. The CBI had also arrested Venugopal Dhoot of the Videocon group.

In the order granting interim bail to the Kochhars, the division bench of the High Court noted that the arrest was not in accordance with Section 41A of the Code of Criminal Procedure.

Senior Advocate Amit Desai, appearing for the Kochhars, insisted on quashing the FIR, as the couple had filed a fresh petition challenging the sanction granted by ICICI Bank to prosecute them.

Advocate Kuldeep Patil, appearing for the CBI, contended that the interim bail was granted only considering the arrest memo and not the case diary and remand application. He added that there was evidence of non-cooperation from Chanda Kochhar.

Case title: Chanda Kochhar & Anr vs CBI