The Bombay High Court on Monday ordered the release of former ICICI Chief Executive Officer (CEO) Chanda Kochhar and her husband from judicial custody. Watch to know more.

Bombay HC grants interim relief to former ICICI Bank MD & CEO Chanda Kochhar and her husband

Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank. The allegation that Chanda Kochhar, 59, had favoured Videocon Group, a consumer electronics and oil and gas exploration company, led to her resignation as CEO and managing director of ICICI Bank in October 2018. A year after that, ICICI said that it would classify&nbsp;Kochhar's departure as "termination for cause," claiming that she had violated&nbsp;the bank's code of conduct and standards.

The CBI has charged her of criminal conspiracy and fraud about suspected irregularities in a loan of Rs 3,250 crore granted to the Videocon Group in 2012, which resulted in the asset becoming a non-performing one for the ICICI Bank.

Deepak Kochhar and other members of her family, according to a whistleblower, allegedly profited from those&nbsp;transactions.

A few months later, Videocon group received a loan from the bank, the case's accusations state that former Videocon chairman Venugopal Dhoot spent millions of rupees in NuPower Renewables, a business started by Kochhar.

The loan was sanctioned by a committee of which&nbsp;Kochhar was a member, alleges the CBI. The agency says she misused&nbsp;her official position and "got illegal gratification/undue benefit through her husband from Dhoot for sanctioning&nbsp;₹&nbsp;3000 crore to Videocon."

"I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest," she had said in a statement.

(With inputs from agencies)

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Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank.

Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank. The allegation that Chanda Kochhar, 59, had favoured Videocon Group, a consumer electronics and oil and gas exploration company, led to her resignation as CEO and managing director of ICICI Bank in October 2018. A year after that, ICICI said that it would classify Kochhar's departure as "termination for cause," claiming that she had violated the bank's code of conduct and standards. The CBI has charged her of criminal conspiracy and fraud about suspected irregularities in a loan of Rs 3,250 crore granted to the Videocon Group in 2012, which resulted in the asset becoming a non-performing one for the ICICI Bank. Deepak Kochhar and other members of her family, according to a whistleblower, allegedly profited from those transactions. A few months later, Videocon group received a loan from the bank, the case's accusations state that former Videocon chairman Venugopal Dhoot spent millions of rupees in NuPower Renewables, a business started by Kochhar. The loan was sanctioned by a committee of which Kochhar was a member, alleges the CBI. The agency says she misused her official position and "got illegal gratification/undue benefit through her husband from Dhoot for sanctioning ₹ 3000 crore to Videocon." "I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest," she had said in a statement. (With inputs from agencies) WATCH WION LIVE HERE:

Ex-ICICI Bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case

Sunil Bhuta, the Chief Financial Officer (CFO) of NuPower Renewables faced a CBI interrogation today. NuPower Renewable was founded by the husband of ICICI Bank CEO and MD Chanda Kochhar, in connection with Rs 3,250-crore loan from the bank to the Videocon Group in 2012.

Bhuta is believed to be associated with the company since its inception. The official website of the company states that Bhuta has been "responsible for overall finance, accounts, audit and taxation function for NuPower since inception".

The loan came under scanner after reports questioned it linking it to a possible quid pro quo that Videocon Group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochhar, Chanda Kochhar's husband.

A preliminary enquiry against Videocon founder Venugopal Dhoot and Deepak Kochhar and unidentified others was filed by the CBI.

CBI officials are in the process of studying relevant documents of the transaction. Deepak Kochhar along with others could be summoned for detailed questioning if any evidence of indicated wrongdoing surfaces.

Earlier this month, the Central Bureau of Investigation had summoned Rajeev Kochhar's brother-in-law Mahesh Pugalia for interrogation in the ICICI Bank-Videocon case. Rajeev Kochhar is the brother-in-law of ICICI Bank CEO Chanda Kochhar.

The CBI also called in Umanath Venkat Naik, the Director of NuPower Renewables, a joint venture between Videocon and Chanda Kochhar's husband, Deepak Kochhar.

(With inputs from agencies)&nbsp

A preliminary enquiry against Videocon founder Venugopal Dhoot and Deepak Kochhar and unidentified others was filed by the CBI

Sunil Bhuta, the Chief Financial Officer (CFO) of NuPower Renewables faced a CBI interrogation today. NuPower Renewable was founded by the husband of ICICI Bank CEO and MD Chanda Kochhar, in connection with Rs 3,250-crore loan from the bank to the Videocon Group in 2012. Bhuta is believed to be associated with the company since its inception. The official website of the company states that Bhuta has been "responsible for overall finance, accounts, audit and taxation function for NuPower since inception". The loan came under scanner after reports questioned it linking it to a possible quid pro quo that Videocon Group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochhar, Chanda Kochhar's husband. A preliminary enquiry against Videocon founder Venugopal Dhoot and Deepak Kochhar and unidentified others was filed by the CBI. CBI officials are in the process of studying relevant documents of the transaction. Deepak Kochhar along with others could be summoned for detailed questioning if any evidence of indicated wrongdoing surfaces. Earlier this month, the Central Bureau of Investigation had summoned Rajeev Kochhar's brother-in-law Mahesh Pugalia for interrogation in the ICICI Bank-Videocon case. Rajeev Kochhar is the brother-in-law of ICICI Bank CEO Chanda Kochhar. The CBI also called in Umanath Venkat Naik, the Director of NuPower Renewables, a joint venture between Videocon and Chanda Kochhar's husband, Deepak Kochhar. (With inputs from agencies)

ICICI-Videocon case: CBI questions CFO of NuPower Renewables

The Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, in connection with its ongoing tax evasion probe in the Videocon bank loan case, an official said on Tuesday.

They said the notice has been issued to Deepak Kochhar under section 131 (power regarding discovery, production of evidence) of the I-T Act and he has been asked to furnish details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with the firm NuPower Renewables.

The department, the officials said, has launched a probe into the finances of the company and those associated with it. Few more notices have been sent to the people associated with the firm and based on their replies, further action will be taken, they said.

In a related development, the CBI officials said that Deepak Kochhar, who has been named in a prelimnary enquiry, will be called for questioning soon. The CBI had questioned a few ICICI bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to the Videocon Group in 2012.

The deal recently made news after reports questioned the loan and linked it to a possible quid pro quo that Videocon group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar.

The CBI enquiry had named Dhoot, Deepak Kochhar and unidentified others, officials said. A prelimnary enquiry (PE) is a precursor before the agency lodges an FIR to probe criminal charges on the basis of evidence collected during the former exercise.

Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it has full faith and confidence in her and described reports against her over the credit disbursement to Videocon group as “malicious and unfounded rumours”. The board had also reviewed the banks internal processes for credit approval and found them robust, the private sector lender had said in a statement.

With regard to loans to the Videocon group, the board had said the banks current exposure is part of a syndicated consortium arrangement. “ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012,” it added. The bank had clarified that none of the investors of NuPower Renewables are borrowers of ICICI Bank.

(With inputs from Agencies)

The notice has been issued to Deepak Kochhar under section 131 of the I-T Act and he has been asked to furnish details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with the firm NuPower Renewables.

The Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, in connection with its ongoing tax evasion probe in the Videocon bank loan case, an official said on Tuesday. They said the notice has been issued to Deepak Kochhar under section 131 (power regarding discovery, production of evidence) of the I-T Act and he has been asked to furnish details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with the firm NuPower Renewables. The department, the officials said, has launched a probe into the finances of the company and those associated with it. Few more notices have been sent to the people associated with the firm and based on their replies, further action will be taken, they said. In a related development, the CBI officials said that Deepak Kochhar, who has been named in a prelimnary enquiry, will be called for questioning soon. The CBI had questioned a few ICICI bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to the Videocon Group in 2012. The deal recently made news after reports questioned the loan and linked it to a possible quid pro quo that Videocon group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar. The CBI enquiry had named Dhoot, Deepak Kochhar and unidentified others, officials said. A prelimnary enquiry (PE) is a precursor before the agency lodges an FIR to probe criminal charges on the basis of evidence collected during the former exercise. Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it has full faith and confidence in her and described reports against her over the credit disbursement to Videocon group as “malicious and unfounded rumours”. The board had also reviewed the banks internal processes for credit approval and found them robust, the private sector lender had said in a statement. With regard to loans to the Videocon group, the board had said the banks current exposure is part of a syndicated consortium arrangement. “ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012,” it added. The bank had clarified that none of the investors of NuPower Renewables are borrowers of ICICI Bank. (With inputs from Agencies)

Videocon loan case: I-T department issues notice to Deepak Kochhar

Videocon Group Chairman Venugopal Dhoot has said loans were sanctioned by ICICI Bank based on the merit of projects in the oil and gas sector, as he sought to reject allegations of quid pro quo in loan received from the lender.

His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans. Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her.

It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar.

"When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI.

He also denied reports that his group had invested Rs 64 crore in NuPower Renewables.

"This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company.

On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group...

"...The sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo."

Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon."

The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added.

"We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said.

On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default.

He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.

&nbsp;

It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar

Videocon Group Chairman Venugopal Dhoot has said loans were sanctioned by ICICI Bank based on the merit of projects in the oil and gas sector, as he sought to reject allegations of quid pro quo in loan received from the lender. His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans. Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her. It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar. "When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI. He also denied reports that his group had invested Rs 64 crore in NuPower Renewables. "This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company. On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group... "...The sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo." Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon." The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added. "We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said. On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default. He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.

No quid pro quo, ICICI Bank gave loan on merit: Videocon chief Venugopal Dhoot

The Central Bureau of Investigation has registered a preliminary enquiry (PE) against ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar who has been accused of an alleged link with Videocon group chairman Venugopal Dhoot. According to reports, the PE has been registered to verify the allegations and does not name Chanda Kochhar so far.&nbsp;

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Videocon-ICICI case: CBI registers preliminary enquiry (PE) against ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar, say sources.
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It is alleged that Dhoot supplied crores of rupees to a company linked to Deepak Kochhar six months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in the year 2012. The Videocon group had sought a loan worth a whopping Rs 40,000-crore from a host of banks.

Dhoot is accused of financing &nbsp;NuPower Renewables Pvt Ltd (NRPL) with Rs 64 crore in 2010. The private limited firm was set up by Dhoot along with Deepak Kochhar and a couple of his relatives. Dhoot, reportedly, transferred the company's proprietorship to a trust owned by Kochhar for Rs 9 lakh six months after he received the loan from the ICICI Bank.

Deepak Kochhar, Venugopal Dhoot and other "unknown bank officials" involved will undergo an investigation, the PE mentions.&nbsp;

An ICICI bank senior official noted Chanda Kochhar's involvement in the credit committee that was responsible for sanctioning the loan but rules out any possibility of her involvement in the case.&nbsp;

“The board doesn’t believe it represents a conflict as Videocon Group is not an investor in NuPower Renewables. Hence, there was no need for Chanda Kochhar to recuse herself from the committee,” MK Sharma, ICICI bank chairman told media on Thursday.

Deepak Kochhar, Venugopal Dhoot and other 'unknown bank officials' involved will undergo an investigation

The Central Bureau of Investigation has registered a preliminary enquiry (PE) against ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar who has been accused of an alleged link with Videocon group chairman Venugopal Dhoot. According to reports, the PE has been registered to verify the allegations and does not name Chanda Kochhar so far. Videocon-ICICI case: CBI registers preliminary enquiry (PE) against ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar, say sources. — ANI (@ANI) March 31, 2018 × It is alleged that Dhoot supplied crores of rupees to a company linked to Deepak Kochhar six months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in the year 2012. The Videocon group had sought a loan worth a whopping Rs 40,000-crore from a host of banks. Dhoot is accused of financing NuPower Renewables Pvt Ltd (NRPL) with Rs 64 crore in 2010. The private limited firm was set up by Dhoot along with Deepak Kochhar and a couple of his relatives. Dhoot, reportedly, transferred the company's proprietorship to a trust owned by Kochhar for Rs 9 lakh six months after he received the loan from the ICICI Bank. Deepak Kochhar, Venugopal Dhoot and other "unknown bank officials" involved will undergo an investigation, the PE mentions. An ICICI bank senior official noted Chanda Kochhar's involvement in the credit committee that was responsible for sanctioning the loan but rules out any possibility of her involvement in the case. “The board doesn’t believe it represents a conflict as Videocon Group is not an investor in NuPower Renewables. Hence, there was no need for Chanda Kochhar to recuse herself from the committee,” MK Sharma, ICICI bank chairman told media on Thursday.

Videocon-ICICI case: CBI registers preliminary enquiry against Chanda Kochhar's husband

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Videocon-ICICI case: CBI registers preliminary enquiry against Chanda Kochhar's husband