The Bombay High Court has refused to hear an urgent hearing petition filed by Chanda Kochchar, former CEO of ICICI Bank and her husband Deepak Kochchar who were arrested by the CBI on Friday regarding irregularities in a 3,000 crore loan provided to the Videocon Group when she was heading the bank. The Court directed them to approach the court for a regular hearing on January 2.
Chanda Kochchar and her husband contended that their arrest is illegal and as per Section 17 A of the Prevention of Corruption Act, sanction is mandatory to initiate a probe and the agency has not got sanction to initiate the investigation.
The CBI has also arrested Venugopal Dhoot, Chairman of the Videocon Group in the ICICI loan case. The CBI has registered cases under provisions related to criminal conspiracy and Prevention of Corruption Act.
