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ICICI Bank-Videocon case: Deepak Kochhar's company moves Delhi HC; seeks release of assets seized by ED

The ED had, in March last year, carried out several raids, one of which was conducted at Deepak Kochhar's office from where it seized a hard disk, diary, and Rs 10.5 lakh

twitter-logoBusinessToday.In | August 19, 2020 | Updated 18:35 IST
ICICI Bank-Videocon case: Deepak Kochhar's company moves Delhi HC; seeks release of assets seized by ED
Former ICICI Bank chairman Chanda Kochhar and her husband Deepak Kochhar

Pacific Capital Service Pvt Ltd - a company owned by Deepak Kochhar, husband of former ICICI Bank chief executive Chanda Kochhar, moved Delhi High court on Wednesday seeking the release of assets confiscated by the Enforcement Directorate (ED) in March last year.

The company in its petition alleged that ED is legally obliged to release the seized assets as it has failed to file a prosecution complaint, which is the equivalent of a chargesheet, within a time frame of 365 days, The Economic Times reported.

Appearing on behalf of the petitioner, Advocate Vijay Aggarwal, contended that the federal probe agency doesn't have any legality to continue to hold the seized property since it has failed to file the prosecution complaint within 365 days.

Also Read: Who is Deepak Kochhar, teh man at teh centre of ICICI-Videocon controversy?

Meanwhile, ED's counsel, Advocate Amit Mahajan, raised a preliminary objection at the outset, saying that a similar appeal challenging the confiscation of assets is already pending in the Bombay High Court.

Aggarwal, in response to this, stated that the requisite jurisdiction was Delhi High Court since the ED will file the chargesheet in a Delhi Court. He further added that the petition pending before the Bombay High Court has already become infructuous.

Following brief arguments, the Delhi High Court transferred the matter to next week at the request of the petitioner (Pacific Capital Service Pvt Ltd).

The ED had, in March last year, carried out several raids, one of which was conducted at Deepak Kochhar's office from where it seized a hard disk, diary, and Rs 10.5 lakh.

Also Read: I-T Department seeks details of ED probe against Chanda Kochhar

The publication reported earlier this month that ED will soon file its first chargesheet in the case against Kochhars.

The agency registered a money laundering case in February last year, days after the CBI booked the Kochhars and Videocon Group MD Venugopal Dhoot over allegations of irregularities in loans extended by ICICI Bank to Dhoot-led Videocon Group when Chanda Kochhar was at the helm of the bank.

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