Supreme Court Reviews Arrest of Former ICICI CEO Chanda Kochhar and Husband in Videocon Loan Case
The Supreme Court of India has issued a notice on an appeal filed by the Central Bureau of Investigation (CBI) challenging a Bombay High Court order. The High Court had declared the arrest of former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar as ‘illegal’ in the alleged Videocon loan fraud case.
Details of the Case
A bench of Justices Sanjiv Khanna and Sanjay Kumar has sought responses from the Kochhar couple and the state of Maharashtra regarding the CBI’s appeal. The High Court had granted the Kochhars interim bail on January 9, 2023, after rejecting the CBI’s reasons for their arrest, which included non-cooperation and non-disclosure of true facts.
The Kochhars were initially arrested by the CBI on December 23, 2022, in connection with the alleged fraud. The CBI also arrested Venugopal Dhoot, the founder of Videocon Group, in the same case.
Allegations and Charges
The CBI has accused the Kochhar couple and Venugopal Dhoot of causing a loss to ICICI Bank by sanctioning loans to Videocon Group companies in violation of the bank’s policies. The loans, amounting to Rs 3,250 crore, were allegedly sanctioned in contravention of the Banking Regulation Act, the Reserve Bank of India’s guidelines, and ICICI Bank’s credit policy.
Chanda Kochhar served as the CEO and MD of ICICI Bank from 2009 to 2018.
Doubts Revealed
Supreme Court -: The Supreme Court is the highest court in India. It makes the final decisions on important legal matters.
ICICI -: ICICI is a big bank in India. It stands for Industrial Credit and Investment Corporation of India.
CEO -: CEO means Chief Executive Officer. This person is the boss of a company.
Chanda Kochhar -: Chanda Kochhar is a famous businesswoman in India. She used to be the boss of ICICI Bank.
CBI -: CBI stands for Central Bureau of Investigation. It is a special police force in India that investigates serious crimes.
Bombay High Court -: The Bombay High Court is a big court in Mumbai, India. It handles important legal cases in the state of Maharashtra.
Videocon -: Videocon is a company in India that makes electronics like TVs and washing machines.
Loan fraud case -: A loan fraud case is when someone is accused of cheating to get a loan from a bank.
Interim bail -: Interim bail means temporary release from jail while the court case is still going on.
Venugopal Dhoot -: Venugopal Dhoot is the founder of Videocon. He is a businessman in India.
Rs 3,250 crore -: Rs 3,250 crore is a very large amount of money in Indian currency. It is equal to 32.5 billion rupees.
Improper loan sanctions -: Improper loan sanctions mean giving loans in a wrong or unfair way.
