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No coercive action against Chanda Kochhar in ICICI-Videocon loan case, ED assures SC
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SME Times News Bureau | 20 Nov, 2020
Solicitor General Tushar Mehta
on Friday assured the Supreme Court that no coercive action will be
taken against former ICICI Bank Chief Executive Officer Chanda Kochhar
in the ICICI-Videocon loan case.
Mehta, representing the
Enforcement Directorate (ED), made the submission before a bench headed
by Justice Sanjay Kishan Kaul and also comprising Justices Dinesh
Maheshwari and Hrishikesh Roy, during the hearing of a petition by
Kochhar on behalf of her husband, Deepak Kochhar, challenging his
arrest.
Chanda Kochhar moved two pleas -- one connected to her
husband and the other on her behalf under Article 32. Former Attorney
General Mukul Rohatgi, appearing for Kochhar, said her husband's pending
bail petition in the top court may affect the bail plea listed in the
trial court.
The top court noted that the regular bail petition
of Deepak Kochhar is listed in the trial court for Monday, and the
pendency of the case here will have no effect on the trial court
proceedings.
During the hearing, Justice Kaul told Rohatgi: "You
have a sword hanging on your head. But at least you have protection..."
The pleas are likely to listed next week for further hearing.
Earlier
this month, the ED had filed its first chargesheet in the
ICICI-Videocon loan case, naming former Chanda Kochhar, her husband
Deepak Kochhar, Videocon group chief Venugopal Dhoot and seven firms in a
money laundering case.
According to ED sources, the financial
probe agency has named Chanda Kochhar, Deepak Kochhar and Venugopal
Dhoot along with seven firms, including Videocon International
Electronic Limited (VIEL), Videocon Industries Ltd, NuPower Renewables
Ltd and Supreme Energy Pvt Ltd, among others.
Deepak Kochhar is currently in judicial custody following his arrested by the ED.
The
case pertains to alleged irregularities in sanctioning six loans worth
Rs 1,875 crore to Videocon Industries Limited, Videocon International
Electronics Ltd and four other companies associated with the Videocon
group between June 2009 and October 2011.
Chanda Kochhar, in a
separate matter, has appealed against an order of the Bombay High Court
which declined to entertain her petition against her sacking as the
Managing Director and Chief Executive of ICICI Bank.
The ED is
also probing her role in at least two other instances of loans given by
ICICI Bank to Gujarat-based pharmaceutical firm Sterling Biotech and to
Bhushan Steel Group. These cases are being probed on alleged money
laundering charges.
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