Mumbai High Court on January 9th grants interim release of former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak kochhar. The court has ordered their interim release on bail in following their plea challenging the arrests, which they claimed were illegal.
On December 23rd Central Bureau of Investigation (CBI) arrested the Kochhars in a case linked to alleged irregularities in an over Rs.3,000-crore loan provided to the Videocon Group when Kochhar was the CEO and MD of the ICICI bank.
While Chanda Kochhar has been lodged at Mumbai’s Byculla district jail, her husband has been lodged at Arthur Road jail. Their Lawyer said that no prior sanction has been obtained by the CBI before their arrest.
“The arrests were not in accordance with the law,” Mumbai High Court pointed out. Both chanda Kochhar and Deepak kochhar need to submit Rs.1 lakh in cash to walk out of jail on interim bail.
