The Supreme Court on Friday sought responses from Chanda Kochhar, the former Managing Director and Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, regarding a plea challenging the Bombay High Court’s ruling that declared their arrest as “illegal.”
A bench consisting of Justices Sanjiv Khanna and Sanjay Kumar issued notices to the Kochhars and requested their replies concerning the appeal filed by the Central Bureau of Investigation (CBI). The CBI had filed the appeal against the high court’s decision that questioned the legality of their arrest and granted them bail.
The Bombay High Court, in its order on February 6, had held that the arrest of Chanda Kochhar and Deepak Kochhar was “illegal” and confirmed an earlier interim order from January 2023 that had granted the duo bail shortly after their detention. The court found procedural lapses in the manner of the arrest, which led to the bail decision in their favour.
The couple was arrested by the CBI on December 23, 2022, in connection with the Videocon-ICICI Bank loan case. The case revolves around allegations of irregularities and conflicts of interest in loan disbursements made by ICICI Bank to the Videocon Group during Chanda Kochhar’s tenure as CEO. According to the CBI, a quid pro quo arrangement was suspected, wherein Deepak Kochhar allegedly received favours from the Videocon Group in exchange for loans being sanctioned by ICICI Bank.
The CBI’s investigation into the case has scrutinized several high-profile figures and raised concerns about corporate governance and conflict of interest in one of India’s leading private banks. The case has also attracted significant media attention, given Chanda Kochhar’s prominence in the banking sector and the broader implications of the allegations for India’s financial and legal systems.
The Supreme Court’s intervention in the case, by seeking responses from the Kochhars, signals a significant legal battle ahead, as the CBI continues its efforts to challenge the high court’s decision and press for a more thorough inquiry into the case.