The Bombay High Court granted the release of Chanda Kochhar, the former Chief Executive Officer and Managing Director of ICICI Bank Ltd., and her husband, Deepak Kochhar, in the Videocon-ICICI Bank loan case.
The release has been granted on a bond of Rs 1,00,000 each with one or more sureties. The couple is expected to appear before the CBI whenever summoned and is directed to submit their passports to the investigation agency.
On Jan. 6, the Bombay High Court reserved its order after the Kochhars challenged the arrest. The couple had approached the court seeking quashing of the FIR filed against them on grounds of ‘illegality' in their arrest.
The couple was arrested on Dec. 23 after a thorough interrogation, citing non-cooperation in the investigation.
Counsels representing the Kochhars had alleged illegality in the move as there was a history of cooperation on the part of both Chanda and Deepak.
They argued that the procedural mandate requiring the presence of a woman officer at the time of arrest was also met.
Counsel for CBI, however, had argued that there is no need to provide a detailed explanation of the grounds of arrest as the same can be deduced from the case diary.
The court, after perusing both arguments, found inherent 'illegality' in the actions of the CBI and ordered the release of the Kochhars.
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