HC says arrest of Chanda Kochhar, her husband in ICICI Bank-Videocon loan case illegal
Mumbai, Feb 6: The Bombay High Court on Tuesday held as "illegal" the arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her businessman-husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in an alleged loan fraud case.
A division bench of Justices Anuja Prabhudessai and N R Borkar confirmed a January 2023 interim order passed by another bench granting the duo bail soon after their arrest in the case.
The couple was arrested by the CBI on December 23, 2022, in connection with the Videocon-ICICI Bank loan case.
They immediately moved the HC challenging their arrest and sought it to be declared as illegal. By way of an interim order, they also sought to be released on bail.
On January 9, 2023, the HC, in its interim order, granted bail to the duo after coming down heavily on the CBI for making the arrest in a "casual and mechanical" manner and without application of mind.
On Tuesday, the bench led by Justice Prabhudessai allowed the duo's petition, thus declaring their arrest as "illegal" and confirming the earlier interim order.
Apart from the Kochhars, the CBI had also arrested Videocon group founder Venugopal Dhoot in the case. He, too, was granted bail by the HC in January 2023 in its interim order.
The central agency has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to Videocon Group companies promoted by Dhoot in violation of the Banking Regulation Act, Reserve Bank of India guidelines and credit policy of the private sector lender.
The CBI had named Chanda Kochhar, Deepak Kochhar as well as 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 Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The central agency has alleged that ICICI Bank, when it was headed by Chanda Kochhar, 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 (a favour granted in return 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.
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No clarity on US-Iran talks as Islamabad stays under lockdown
Islamabad (PTI): Large parts of Pakistan's capital remain under a tight security lockdown for over a week on Saturday, even as uncertainty persisted over the proposed second round of talks between the US and Iran.
Arterial roads leading into Islamabad are sealed, while the Red Zone, housing key government buildings and diplomatic missions, remains under a strict security cordon.
In the adjacent commercial 'Blue Area', markets are deserted, cafes are running short of supplies, and public transport disruptions with no service at bus terminals have left commuters stranded.
For residents, uncertainty has become the hardest part. Islamabad is a city of transients, where many residents work during the week and return to family homes at the weekend.
This is the second lockdown in recent weeks. Islamabad was earlier sealed on April 11 for talks between the US and Iranian delegations that ended without a deal. The city briefly reopened before restrictions were reimposed as Pakistan prepared to host another round of engagements, which has yet to materialise.
Iran's Foreign Minister Abbas Araghchi arrived here late Friday for engagements with the Pakistani leadership. He was received by senior officials, including Army chief Field Marshal Syed Asim Munir, foreign minister Ishaq Dar and interior minister Mohsin Naqvi.
However, there is no clarity on whether direct talks between Washington and Tehran will take place during the visit.
"No meeting is planned to take place between Iran and the US. Iran's observations would be conveyed to Pakistan," Iran’s Foreign Ministry spokesperson Esmaeil Baqaei said in a social media post on Saturday.
He said the Iranian delegation arrived in Islamabad "for an official visit" and Araghchi will be "meeting with Pakistani high-level officials in concert with their ongoing mediation and good offices for ending American-imposed war of aggression and the restitution of peace in our region".
As the Iranian team landed in Islamabad, White House Press Secretary Karoline Leavitt said that US Special Envoy on the Middle East Steve Witkoff and President Donald Trump's adviser Jared Kushner would be leaving for Pakistan on Saturday "to engage in direct talks" with representatives of the Iranian delegation.
“Everyone will be on standby to fly to Pakistan if necessary, but first, Steve and Jared will be going over there to report back to the president, the vice president and the rest of the team,” she said.
However, the US team has not yet arrived.
Meanwhile, Pakistan's Deputy Prime Minister and Foreign Minister Dar, in a social media post, expressed hope for "meaningful engagements" between the two warring parties to promote regional peace and stability.
The Foreign Office here said Iranian foreign minister Araghchi will hold meetings with Pakistan’s senior leadership to discuss the latest regional developments as well as ongoing efforts for regional peace and stability.
"Following key discussions with the Pakistani mediation team, a second round of peace talks between the United States and Iran is expected to be held in Islamabad on Saturday and Sunday," a government official said.
He said a US logistics and security team is already present in Islamabad to facilitate the negotiation process.
Araghchi, before leaving for Islamabad, said that he was embarking on a timely tour of Islamabad, Muscat, and Moscow, and the purpose of his visits is to "closely coordinate with our partners on bilateral matters and consult on regional developments".
"Our neighbours are our priority," he said.
The first round of US-Iran talks held on April 11 and 12 failed to produce a breakthrough, prompting a flurry of diplomatic efforts by host Pakistan to cool tensions and revive hopes for another round of dialogue.
On Tuesday, Trump extended the two-week ceasefire with Iran indefinitely to give Tehran more time to prepare a unified proposal to end the war, just hours before the truce was set to expire.
The Iran war began on February 28 with US-Israeli strikes.
