Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were denied an urgent hearing request by the Bombay High Court on Tuesday.
Kochhar and her husband were arrested by the Central Bureau of Investigation (CBI) on December 23 in an alleged loan irregularities case. The case pertains to an over ₹ 3,000 crore loan provided by ICICI Bank to the Videocon Group when the bank was headed by Kochhar.
After denying their urgent hearing request, the court asked the duo to approach the judiciary for a regular hearing on January 2.
The Kochhars had challenged their three-day CBI custody in the Bombay High Court, while also arguing that their arrest is illegal under the Prevention of Corruption Act, saying it is mandatory to receive a sanction of Section 17A of the Act to intiate a probe, which the CBI had not gotten to begin the investigation.
Chanda and Deepak Kochhar are currently being interrogated by the CBI after a Mumbai court remanded them to the probe agency's custody on Saturday.
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On Monday, Venugopal Dhoot, chairman of the Videocon Group was also arrested by the CBI in the same case.
The CBI in 2019 named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Private Ltd (SEPL), Videocon International Electronics Ltd (VIEL) and Videocon Industries, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The probe agency has alleged a sanctioning committee headed by Chanda Kochhar, in 2009, sanctioned a term loan of Rs 300 crore to VIEL in contravention of the rules and policies of the bank by abusing her official position as a public servant.
According to an NDTV report, the ICICI Bank loan was part of ₹40,000 crore loan which Videocon received from a group of 20 banks led by the State Bank of India.
(with PTI inputs)