Interim relief to Chanda and Deepak Kochhar refused by Bombay HC Vacation Bench

The Bombay High Court’s Vacation Bench on Tuesday refused any interim relief to former Managing Director and CEO of ICICI Bank, Chanda Kochhar, and her husband Deepak Kochhar.

In connection with the ICICI Bank-Videocon loan fraud case on Monday Videocon chairman Venugopal Dhoot was arrested.

Earlier on Monday Videocon chairman Venugopal Dhoot, former MD and CEO of ICICI Bank Chanda Kochhar, and her husband Deepak Kochhar was brought to CBI court.

Meanwhile, the bench asked the couple to approach a regular bench after the court reopens after the Christamas-New Year holidays.

Moreover, for three days CBI has sought the custody of the Videocon chairman and also of Chanda Kochhar and her husband Deepak Kochhar.

“In the remand, it is said that Deepak Kochhar was not cooperating in the investigation but nothing is explained about how and why,” Deepak Kochhar’s advocate Vikram Chaudhary said.

Enforcement Directorate (ED) has already conducted an investigation for six months and after Deepak Kochhar got bail CBI arrested Kochhar, the advocate further stated.

“Deepak Kochhar got bail in the ED case. The agency approached the Supreme Court challenging my client’s bail but it refused to intervene. My client was arrested in an inhumane manner at a time when his son’s marriage has been fixed. This is illegal. The arrest of Deepak Kochhar needs to be explained. It was not a routine arrest,” said Chaudhary.

However, in 2012 the agency said that the loans were declared non-performing assets which caused a loss of Rs 1,730 crore to the bank.

Furthermore, on Friday in connection with the alleged ICICI Bank-Videocon, money laundering case former Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI bank Chanda Kochhar and her husband Deepak Kochhar CBI gets three-day remand.