Videocon Case: CBI Shortly Move SC to Challenge Bail Granted to Chanda & Deepak Kocchar

The Central Bureau of Investigation (CBI) to move Supreme Court shortly to challenge the bail granted to Chanda Kocchar and Deepak Kocchar by Bombay High Court. CBI sources told Legally Speaking that The petition is ready on law points.

The Bombay High Court on Monday allowed release to former ICICI CEO Chanda Kochhar and husband Deepak Kochhar from judicial custody after CBI arrest in Videocon loan case. High Court on 6 January reserved the order on the pleas of Chanda and Deepak Kochhar challenging their arrest and seeking an interim release.

The case is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.
During its preliminary inquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011, in an alleged violation of the laid-down policies of ICICI Bank.

The agency claimed the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.