Videocon-ICICI Bank Loan Case: Bombay HC Reserves Order On Venugopal Dhoot's Writ Petition

The CBI on December 26, 2022 arrested Videocon Group Chairman Venugopal Dhoot

Videocon Group Chairman Venugopal Dhoot after his arrest by the CBI. ( Image Source :PTI )

The Bombay High Court on Friday reserved the order on the writ petition filed by Videocon Group Chairman Venugopal Dhoot challenging his arrest by the CBI in the Videocon-ICICI Bank loan fraud case, reported by ANI.

The central probing agency on December 26, 2022, arrested Dhoot.

Bombay High Court reserved the order on the writ petition filed by Videocon Group Chairman Venugopal Dhoot challenging his arrest by CBI in the Videocon-ICICI Bank loan case. pic.twitter.com/zmAV8qaDh8

— ANI (@ANI) January 13, 2023

The CBI had also arrested former MD and CEO of ICICI bank Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies.

However, the Bombay HC on January 9 ordered the release of former ICICI Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar from judicial custody.

The HC observed, "Arrest not in accordance with the law." The couple has been released from the judicial custody on bond of Rs 1 lakh. The HC reserved its order on the petitions filed by Chanda Kochhar and Deepak Kochhar over the issue of alleged "illegal arrest" by the CBI.

The release has been ordered on a cash bail of Rs 1 lakh each. The bench said the duo shall cooperate with the probe and attend the CBI office as and when summoned. The Bombay HC also asked Kochhars to surrender their passports to the CBI.

The order was passed on petitions filed by Chanda Kochhar and her husband challenging their arrest by the CBI in connection with the bank loan case.

The Kocchar couple had termed their arrest "illegal" on the ground that no sanction was obtained before their arrest by the CBI.

The central probing agency had named Chanda Kochhar, Deepak Kochhar as well as Videocon's Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.

The CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.