Bombay high court grants interim relief to Chanda and Deepak Kochhar | Business Upturn

Bombay high court grants interim relief to Chanda and Deepak Kochhar

The Bombay High Court granted interim relief to Chanda Kochhar, the former MD and CEO of ICICI Bank, and her businessman husband, Deepak Kochhar, in their petition challenging their arrest and seeking release.


The HC, in ordering their release on cash bail of Rs.1 lakh each, observed that the arrests were not in accordance with the law and were not in accordance with section 41 (A) of the CrPC, which details the issuance of a notice to the accused for appearances by the investigating officer.

The Central Bureau of Investigation arrested Chanda and Deepak Kochhar, as well as Videocon group chairman VN Dhoot, last month in connection with alleged irregularities in the sanctioning of loans to Videocon group companies by ICICI Bank while Chanda Kochhar was at the helm of the bank.

All three are currently being held in judicial custody. While Dhoot and Deepak Kochhar are being held at Mumbai’s Arthur Road jail, the former banker is being held at the Byculla women’s prison. Dhoot, whose plea for similar relief was rejected by the CBI court on Thursday, has yet to approach the high court, despite his counsel’s assurances.

The CBI stated in its response to the HC on Friday that the arrests were made in accordance with procedure and that the accused should not be granted any interim relief. “…the accused are in judicial custody and have the option of seeking regular bail, but they haven’t done so,” CBI senior advocate Raja Thakare argued.
While Chanda Kochhar was represented by advocate Amit Desai, her husband was represented by Vikram Chaudhary and Kushal Mor of Rashmikant & Partners. 1 November 2019: submitted to the CBI for a statement.
The Kochhars’ lawyers argued that despite cooperating with the investigation, they were still arrested. The Kochhars were summoned for 16 days by the Enforcement Directorate, which is investigating the same offence for money laundering, and 14 statements were recorded, they said.

The Supreme Court made it clear on Friday that it would not hear the Kochhars’ petition because of their son’s wedding, which was also raised by their lawyers during the hearing. A division bench of Justices Revati Mohite Dere and Prithvi Raj Chavan ruled solely on the merits of the case.