New Delhi The Bombay High Court on Monday granted interim bail to former ICICI Bank chief executive and managing director Chanda Kochhar and husband Deepak Kochhar in the Videocon loan fraud case, saying their arrest was not in accordance with the provisions of law.
A bench headed by Justice Prithviraj Chavan and Justice Revati Mohite Dere ordered his release on bail bond 1 lakh each, for a period of two weeks.
“The petitioner-respondents shall cooperate with the investigation conducted by the CBI and shall remain present at the office of the CBI,” the court said.
The court also reprimanded the CBI. “What was the reason for arresting the petitioners after four years is not mentioned in the arrest memo. The reason given in the arrest memorandum for arresting the petitioners… appears to us to be casual, mechanical and apparently mindless.” The matter is listed for February 6.
The court was hearing a plea by Kochhar alleging “illegal” detention by the CBI in a case of alleged irregularities in a loan sanctioned by ICICI Bank to the Videocon group.
In her petition, Kochhar alleged that the arrests were made without prior restrictions under the Prevention of Corruption Act (PCA) and sought directions to the high court to set aside her remand orders.
“The reason cited is that the petitioners have not cooperated and made true and correct disclosures. This cannot be a ground for arrest,” the court said.
“It is incumbent upon the judicial officer authorizing the detention under Section 167 Cr.P.C. to first satisfy himself that the arrest made is ‘legal’ and in accordance with law and that all constitutional rights of the person arrested are satisfied. It is not an empty formality”, the judges said in the 49-page order.
“In fact, when an accused is arrested and produced before the Court concerned, it is the duty of the said Judge to consider whether specific reasons have been recorded for the arrest, and if If so, prima facie, are those reasons relevant and whether a proper conclusion can be reached by the officer at all,” he said.
On 23 December, the CBI arrested Kochhar. Subsequently, it also arrested Venugopal Dhoot, who is also an accused in the case. In its FIR filed in 2019 under Indian Penal Code sections related to criminal conspiracy and the Prevention of Corruption Act, the CBI had also named Deepak Kochhar-managed Nupower Renewables, Supreme Energy Pvt Ltd. Ltd, Videocon International Electronics Ltd, and Videocon Industries Ltd have been named as accused in the loan fraud case. The CBI registered an FIR alleging that Chanda Kochhar, as CEO and MD of ICICI Bank, had sanctioned the loan facilities. 3,250 crore to Videocon group companies promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines as well as the credit policy of the private lender.
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