SAT Allows Access Of ICICI Bank Documents To Chanda Kochhar In Videocon Loans Case

The Securities Appellate Tribunal recently directed the market regulator, Securities and Exchange Board of India, to allow Chanda Kochhar to access filings by ICICI Bank in the Videocon loans case.

SAT ruled that SEBI must provide Kochhar with copies of the show cause notices issued to ICICI Bank, along with all replies, written submissions, annexures, and exhibits filed by the lender.

The tribunal also directed SEBI to grant Kochhar access to data from ICICI Bank’s secretarial portal and electronic records stored on the bank’s servers and devices.

Kochhar had challenged a SEBI hearing notice dated March 12, 2025, arguing that she could not adequately defend herself without access to documents submitted by ICICI Bank, which had been Kochhar’s employer at the time of the alleged violations.

SEBI maintained that the bank was not a party to the amended SCN issued solely to Kochhar and that none of the bank’s submissions would be used against her.

Her legal team, led by senior advocate Pesi Modi, contended that since SEBI had relied on data and submissions from the bank to build its case, she must be allowed access to the same.

SEBI, represented by senior advocate Gaurav Joshi, opposed the appeal, stating that the documents in question were confidential and belonged to ICICI Bank. SEBI maintained that the bank was not a party to the amended SCN issued solely to Kochhar and that none of the bank’s submissions would be used against her.

However, the tribunal rejected SEBI’s arguments.

The appellate authority noted that not allowing Kochhar to access the documents would amount to a violation of principles of natural justice. This is because the nature of allegations against both Kochhar and the bank are similar in nature, the regulator noted.

"The proceedings against the appellant and ICICI Bank emanate from the same set of facts and cause of action pertaining to the ICICI Bank," the order read.

It was further noted that, "Every person has a right to defend his/her case. In the present case, respondent is independently proceeding against the appellant on the same cause of action/facts in which both the appellant and the Bank are facing enquiry."