Videocon-ICICI loan case: SC agrees to hear CBI plea on HC order granting interim bail to Venugopal Dhoot
The Bombay High Court had granted interim bail to Videocon group chairman VN Dhoot, who was arrested on December 26, 2022, after he approached the high court days after a division bench granted bail to co-accused Chanda Kochhar and her husband Deepak Kochhar.
- Jul 5, 2023,
- Updated Jul 5, 2023 1:47 PM IST
The Supreme Court on Wednesday issued notice on the CBI’s appeal against the Bombay High Court order granting interim bail to Videocon Group chairman Venugopal Dhoot in connection to the ICICI Bank-Videocon loan case.
Investigating agency CBI had filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Dhoot in a Rs 3,250 crore loan fraud case. The chargesheet was filed under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code.
The Bombay High Court had granted interim bail to Videocon group chairman VN Dhoot, who was arrested on December 26, 2022. Dhoot approached the high court after a division bench on January 9 granted bail to co-accused Chanda Kochhar, former managing director and chief executive officer of the ICICI bank, and her husband Deepak Kochhar.
The Bombay High Court had said the CBI's move to arrest them was "casual, mechanical and perfunctory and clearly without application of mind".
According to PTI, the CBI had named nine entities, including companies and individuals.
Appearing for the Kochhars, senior advocate Amit Desai opposed the CBI's plea for remand and said that a letter ICICI Bank wrote to the CBI in July 2021 stated that it incurred “no wrongful loss” in any of the transactions under question.
The central probe agency had named the Kochhars, Dhoot, Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics and Videocon Industries 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 has alleged that private sector lender ICICI Bank, headed by Chanda Kochhar from 2009 to 2018, sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms.
It further claimed that as a part of quid pro quo (Latin expression literally meaning "something for something"), 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.
Also read: ICICI Bank-Videocon loan case: ICICI tells CBI that Videocon loans caused no wrongful loss
The Supreme Court on Wednesday issued notice on the CBI’s appeal against the Bombay High Court order granting interim bail to Videocon Group chairman Venugopal Dhoot in connection to the ICICI Bank-Videocon loan case.
Investigating agency CBI had filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Dhoot in a Rs 3,250 crore loan fraud case. The chargesheet was filed under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code.
The Bombay High Court had granted interim bail to Videocon group chairman VN Dhoot, who was arrested on December 26, 2022. Dhoot approached the high court after a division bench on January 9 granted bail to co-accused Chanda Kochhar, former managing director and chief executive officer of the ICICI bank, and her husband Deepak Kochhar.
The Bombay High Court had said the CBI's move to arrest them was "casual, mechanical and perfunctory and clearly without application of mind".
According to PTI, the CBI had named nine entities, including companies and individuals.
Appearing for the Kochhars, senior advocate Amit Desai opposed the CBI's plea for remand and said that a letter ICICI Bank wrote to the CBI in July 2021 stated that it incurred “no wrongful loss” in any of the transactions under question.
The central probe agency had named the Kochhars, Dhoot, Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics and Videocon Industries 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 has alleged that private sector lender ICICI Bank, headed by Chanda Kochhar from 2009 to 2018, sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms.
It further claimed that as a part of quid pro quo (Latin expression literally meaning "something for something"), 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.
Also read: ICICI Bank-Videocon loan case: ICICI tells CBI that Videocon loans caused no wrongful loss