Bombay High Court has granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar.

The Bombay High Court on Friday heard prosecution and defense arguments on the applications of Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict.

The Kochhars', along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple had termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).

The CBI has named Chanda Kochhar, Deepak Kochhar as well as Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under the Indian Penal Code sections related to criminal conspiracy and provisions of the PCA.

The central agency has alleged private sector lender ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms. It further alleged that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

With PTI Inputs