The vacation bench of the Bombay High Court on Tuesday refused to intervene in the matter of arrest of former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar.
The bench asked them to approach the regular bench when the High Court re-opens after vacation.
The Kochhars had approached the High Court challenging their arrest by the Central Bureau of Investigation (CBI) in the ICICI loan fraud case.
The Kochhars, along with Videocon Group’s Venugopal Dhoot and companies Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, were named as accused in the FIR filed in 2019 under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
Earlier, the CBI which is probing the case, informed a Mumbai CBI court that Kochhars were not cooperating with the investigation regarding their role in the Rs 3,250-crore Videocon loan scam. Dhoot is also not cooperating with the investigators, the CBI said.
The Kochhars were arrested by the probe agency on Friday night after a brief questioning session and had been remanded to the custody of CBI till December 26. Dhoot,71, was arrested on Monday morning.
The court remanded the Kochhars to CBI custody till December 28.
CBI alleged cheating and irregularities in loans sanctioned by the lender to Videocon group between 2009 and 2011 when Chanda Kochhar was heading the bank. This arrest is significant in the case after a prolonged probe over the years.
Earlier, the bank had terminated Kochhar as CEO denying her executive retirement benefits.
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