On Friday, the Supreme Court of India took a significant step by issuing a notice to Chanda Kochhar, former Managing Director and CEO of ICICI Bank, and her husband, Deepak Kochhar. This move came in response to a plea filed by the Central Bureau of Investigation (CBI) challenging a Bombay High Court decision that deemed their arrest as “illegal.”
Background of the Case
The case dates back to 2019 when the CBI filed charges against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot (promoter of the Videocon Group), and several companies. The allegation is that ICICI Bank sanctioned a hefty loan of ₹1,875 crore to Videocon between June 2009 and April 2012, which was marred by allegations of financial misconduct.
In February of this year, the Bombay High Court had previously upheld the interim bail granted to the Kochhars. The court described the CBI’s actions as “routine, without application of mind, and an abuse of power.” It criticized the arrest as being casual and lacking in substantive justification.
The CBI’s Appeal
After this, CBI approached Supreme Court. The Supreme Court bench, led by Justices Sanjiv Khanna and Sanjay Kumar, has now requested responses from the Kochhars regarding the CBI’s appeal. The agency’s chargesheet includes serious accusations of bribery. Specifically, it alleges that Venugopal Dhoot invested ₹64 crore in Deepak Kochhar’s company, NuPower Renewables Pvt. Ltd., through a complex financial route. Additionally, it is claimed that a flat at CCI Chambers, owned by the Videocon Group, was sold to a family trust of Deepak Kochhar for a mere ₹11 lakhs, despite its market value being ₹5.25 crore.
What Lies Ahead
The Supreme Court’s involvement marks a crucial juncture in this high-profile case. As the court examines the validity of the Bombay High Court’s decision, the legal landscape for the Kochhars and their alleged involvement in this loan fraud case will become clearer. The responses from the Kochhars will play a key role in determining the future course of this legal battle.
No doubt the information released here is beneficial to all banker’s and general public too. But one thing It is noticed that date is not mentioned instead last Friday, Monday or so is indicated. So one can not know which last Friday or Monday moreover if one will read after 8 days then which last he or she will conclude. So it is my request if date will be mentioned it will be easy to know.
Thanks n regards
Nanda Nandan Mohanty