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A case was registered against Chanda Kochhar and Deepak Kochhar 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 a Non-Performing Asset (NPA).
The Bombay High Court has sought the response of the Central Bureau of Investigation in the petition filed by the former Managing Director and Chief Executive Officer, Chanda Kochhar, challenging the sanction granted by ICICI Bank to CBI to prosecute her.
The division bench of the high court, comprising Justice PD Naik and Justice NR Borkar, has granted time to CBI to file their reply and has posted the matter for January 05, 2024.
A case was registered against Chanda Kochhar and Deepak Kochhar 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 a Non-Performing Asset (NPA).
The husband and wife duo were arrested on December 24, 2022, by the CBI. Earlier this year, in January 2023, the high court ordered the release of the Kochhars while observing that the arrest was made in contravention of Section 41A of CrPc.
To prosecute officials, a resolution is required to be passed by the Board of Directors of the Banks to prosecute them.
In June 2023, the CBI informed the Special Court that the bank had passed a resolution granting sanction to prosecute Kochhar.
In her petition, Kochhar has alleged that the resolution was passed by the board of the ICICI Bank without following the procedure.
The division bench will now hear the petition on January 5, 2024.
Case title: Chanda Kochhar vs CBI
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