ICICI Bank Videocon Loan Case: SAT Directs SEBI to Share ICICI Bank Documents with Chanda Kochhar in Videocon Loan Case
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The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (SEBI) to provide former ICICI Bank CEO and MD Chanda Kochhar with access to crucial documents and internal data related to the ongoing Videocon loan case. These include materials submitted by ICICI Bank as part of the investigation.
A SAT bench comprising Justice PS Dinesh Kumar (Presiding Officer), Meera Swarup, and Dr. Dheeraj Bhatnagar passed the order, stating that SEBI must allow Kochhar to review documents stored on ICICI Bank’s internal portals, servers, and devices. SEBI was also told to provide her with copies of show-cause notices (SCNs) issued to the bank and allow her to inspect related submissions, annexures, and evidence filed by ICICI Bank.
The tribunal emphasized that Kochhar has a fundamental right to a fair hearing. Since the proceedings against both ICICI Bank and Kochhar are based on the same facts, the SAT ruled that denying her access to materials used in the investigation would violate the principles of natural justice.
Why Kochhar Sought Access
Kochhar stepped down from ICICI Bank in October 2018 and no longer has access to internal documents. However, she argued that SEBI’s show-cause notice issued on March 12, 2025, and its amended version were largely based on data and records submitted by ICICI Bank. To defend herself properly, she sought access to those materials.
Her legal team, led by Senior Advocate Pesi Modi, contended that SEBI’s refusal to provide the documents was unfair. He pointed out that SEBI was relying on the bank’s records to proceed against Kochhar, yet denying her the opportunity to see the same documents.
SEBI’s Response and SAT’s Stand
Representing SEBI, Senior Advocate Gaurav Joshi argued that the appeal was not maintainable under Section 15T of the SEBI Act since a notice for a hearing is not considered an order that can be appealed. SEBI also said that ICICI Bank was not a party to the amended show-cause notice, and therefore its submissions were not being used against Kochhar. It further claimed that the materials Kochhar requested were confidential and not in SEBI’s possession.
However, SAT rejected this argument. It ruled that SEBI must act fairly as a quasi-judicial authority. The tribunal warned that denying access to relevant material held by the bank—especially while the same adjudicating officer is overseeing both cases—could lead to bias.
The tribunal firmly stated:
“Every person has a right to defend his/her case. The material not disclosed to a person cannot be used against them.”
Background of the Case
The case involves a ₹3,250 crore loan sanctioned by ICICI Bank to the Videocon Group in 2012, when Kochhar was the CEO. Allegations later surfaced suggesting a quid pro quo arrangement, where a company linked to Kochhar’s husband, Deepak Kochhar, reportedly received ₹64 crore from Videocon shortly after the loan was approved.
The Central Bureau of Investigation (CBI), in its chargesheet, stated that between 2009 and 2011, ICICI Bank had approved multiple loans to firms connected with the Videocon Group.
Legal Representation
Kochhar was represented by Senior Advocate Pesi Modi, along with a team of lawyers including Kyrus Modi, Vishesh Malviya, Deepa Shetty, Taniya Dsouza, and Atharva Patvardhan, instructed by Rashmikant and Partners.
SEBI was represented by Senior Advocate Gaurav Joshi, assisted by Nitin Jain, Ravishekar Pandey, and Ankit Ujjwal, instructed by Agama Law Associates.
