Videocon-ICICI Bank Loan Case: Supreme Court Issues Notice To Chanda Kochhar On CBI's Plea

The Supreme Court on Friday issued notice to the former Chief Executive Officer and Managing Director of ICICI Bank Ltd., Chanda Kocchar, and her husband, Deepak Kochhar, on a plea by the Central Bureau of Investigation in the Videocon-ICICI Bank loan fraud case.

A two-judge bench led by Justice Sanjiv Khanna will take up the plea on a similar matter. 

In January last year, the Bombay High Court granted interim bail to the duo in the case.

The couple was arrested on Dec. 23, 2022, following an allegation of several inconsistencies in the loans sanctioned to Videocon Group. It was alleged by the CBI that Kocchars did not cooperate in the investigation and did not disclose the true facts of the case.

The high court had found CBI's arrest memo to be significantly lacking in recording the reasons for arrest. The court found inherent 'illegality' in the actions of the CBI and ordered the release of the Kochhars.

Thereafter, a division bench of the court reiterated its stance earlier this month, whereby it confirmed its earlier ruling granting Kochhar interim bail in the case.

The court criticised the casual and mechanical nature of the arrest reasons, noting that the petitioners cooperated with authorities over several years. The arrest, made after a prolonged period without summons or communication, was considered arbitrary and without proper application of the mind.