Bombay HC upholds interim bail granted to ICICI bank chief, Chanda and husband Deepak
Bombay HC upholds interim bail granted to ICICI bank chief, Chanda and husband Deepak
The Bombay High Court (HC) while upholding the interim bail granted to terminated ICICI bank chief, Chanda and her businessman husband Deepak, held that the Central Bureau of Investigation’s (CBI) arrest of the couple in an alleged loan fraud case was ‘routine, without application of mind and an abuse of power.’ It also opined that it was casual, mechanical and perfunctory.
The couple, in January 2023, was granted interim bail by the court which was confirmed earlier this month. However, the detailed order on the grounds of relief was uploaded on its website on Monday.
The division bench of Justice Anuja Prabhudessai and NR Borkar also held that, though the CBI registered a case in 2019, for three years the couple was not interrogated or summoned.
Even the arrest in December 2022 was not based on any additional material discovered amidst the investigation, but on the same material which was within the knowledge of the investigating officer.
The court held that to sum up, the investigating agency was unable to demonstrate the existence of circumstances or supportive material on the basis of which the decision to arrest was taken. Absence of such circumstances, information or material which is the sine qua non for the decision of arrest reduces the provision a dead letter and renders the arrest illegal,” the court held.
Based on the recommendation made by its preliminary enquiry (PE) in 2019, the CBI registered a case against the Kochhars, Videocon Group promoter Venugopal Dhoot and a bunch of companies alleging that the loan of ₹1,875 crore sanctioned by ICICI bank to financially beleaguered Videocon between June 2009 to April 2012 was a case of quid pro quo.
The agency’s chargesheet had asserted two instances of alleged ‘bribe’ including an investment of ₹64 crore by Dhoot in Deepak Kochhar’s NuPower Renewables Pvt. Ltd. (NRPL) through M/s. Supreme Energy Private Limited (SEPL), and to Pinnacle Energy Trust managed by Kochhar, through a circuitous route.
It is also alleged that the flat at CCI Chambers owned by the Videocon Group was sold to the family trust of Deepak Kochhar for ₹11 lakhs, though the value of the flat was ₹5.25 crore.
ADVERTISEMENT
The Kochhar’s subsequently moved the HC to quash the FIR against them challenging the arrest as violation of the mandatory provisions under Section 41A of CrPC.
Their counsel, advocate Amit Desai, contested that the couple had co-operated with the investigation right from the time of the preliminary inquiry.
The petitioners had complied with the terms of the notice under Section 41A of the CrPC and furnished requisite information. He also argued that the petitioners were arrested a few weeks before the marriage of their son, which fact makes it evident that the arrest was malafide.
News Edit K.V.Raman
