Legal Topics

Supreme Court upholds HC order granting bail to Deepak Kochhar, dismisses ED SLP

The Supreme Court has on Monday upheld the Bombay High Court selection to supply bail to Deepak Kochhar, the husband of former ICICI Bank CEO Chanda Kochhar, in the ICICI Bank-Videocon rip-off case.

The Enforcement Directorate had moved the Supreme Court towards the Bombay HC choice to furnish bail to Deepak Kochhar on a bail surety of RS three lakh and the submission of his passport.

While retaining the troubles of regulation open, the bench of Chief Justice of India Justice N.V. Ramana, Justice Surya Kant and Justice Hima Kohli rejected the ED’s petition.

In an until now hearing, Solicitor General Tushar Mehta had requested the court docket to bunch the ED’s mission to the bail order alongside the pending case of Kochhar’s difficulty the validity of invoking the provisions of the Prevention of Money Laundering Act in opposition to him.

Kochhar had contended that the PMLA appellate authority had disregarded the ED’s petition to verify the attachment of the couple’s belongings and as a consequence exonerated him in a ruling in November 2020.

The ED had claimed these properties have been raised from the proceeds of the crime. Kochhar’s tips had submitted that amongst the eleven accused, solely Deepak Kocchar had been arrested. Chanda Kocchar and Video crew chairman VN Dhoot are out on bail.

Deepak Kochhar is accused in the ICICI-Videocon cash laundering case which includes crores of rupees. He is accused of violating the regulations and coverage of the committee for sanctioning the mortgage to his company.

It is additionally alleged that Chanda Kochhar, thru her husband Deepak Kochhar’s corporation Supreme Energy Private Limited, misused her legitimate role in giving loans well worth nearly Rs 1,600 crore to the Videocon Group agencies between 2009 and 2011 and allegedly took bribes utilizing her husband’s business enterprise or by different entities beneath that company. These loans had been later declared non-performing property causing loss to ICICI Bank.

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