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Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer.

The High Court of Bombay ruled that the arrests of the Kochhars in connection with an alleged loan fraud case involving the bank and Videocon Group were illegal, according to sources cited by Reuters.&nbsp;

Chanda Kochhar and her husband were arrested by the Central Bureau of Investigation (CBI), the Indian federal investigating agency, last month on possible irregularities of a loan of more than Rs 3,000 crore issued to the Videocon Group.

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The CBI also detained Videocon Group Chairman Venugopal Dhoot in connection with the ICICI loan scam case.&nbsp;

The Kochhars had contested the CBI's decision to arrest them on December 23 in connection with an alleged loan fraud case involving the bank and Videocon Group while Chanda Kochhar was in charge of ICICI bank.&nbsp;

They argued in court that their arrest was unlawful since they had been abiding by the agency's rules, which included not meddling with the investigation.

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While that is a relief for the Kocchars, just before their son's January 15 wedding, the high court had made clear last week that the petition was being heard not because of the wedding but rather to look into the compliance issue.&nbsp;

In October 2018, Chanda Kochhar, 59, resigned from her position as CEO and managing director of ICICI Bank due to allegations that she had favoured Videocon Group, a consumer electronics and oil and gas exploration business.&nbsp;

A year later, ICICI said it would label Kochhar's firing as "termination for cause," alleging that she had broken the bank's standards and code of conduct.

(With inputs from agencies)

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Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer.

Chanda Kochhar, the former Chief Executive Officer of ICICI Bank, and her husband, Deepak Kochhar, are set to go free after a huge reprieve from an Indian court on Monday, according to a Reuters report quoting their lawyer. The High Court of Bombay ruled that the arrests of the Kochhars in connection with an alleged loan fraud case involving the bank and Videocon Group were illegal, according to sources cited by Reuters. Chanda Kochhar and her husband were arrested by the Central Bureau of Investigation (CBI), the Indian federal investigating agency, last month on possible irregularities of a loan of more than Rs 3,000 crore issued to the Videocon Group. Also Read| Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest The CBI also detained Videocon Group Chairman Venugopal Dhoot in connection with the ICICI loan scam case. The Kochhars had contested the CBI's decision to arrest them on December 23 in connection with an alleged loan fraud case involving the bank and Videocon Group while Chanda Kochhar was in charge of ICICI bank. They argued in court that their arrest was unlawful since they had been abiding by the agency's rules, which included not meddling with the investigation. Watch| World Business Watch: Standout product at CES 2023, aromas enter virtual reality While that is a relief for the Kocchars, just before their son's January 15 wedding, the high court had made clear last week that the petition was being heard not because of the wedding but rather to look into the compliance issue. In October 2018, Chanda Kochhar, 59, resigned from her position as CEO and managing director of ICICI Bank due to allegations that she had favoured Videocon Group, a consumer electronics and oil and gas exploration business. A year later, ICICI said it would label Kochhar's firing as "termination for cause," alleging that she had broken the bank's standards and code of conduct. (With inputs from agencies) WATCH WION LIVE HERE

Former ICICI bank chief Chanda Kochhar, husband set to be freed

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

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank.

Kochhar had recently approached the court against the movie 'Chanda: A Signature that Ruined a Career', which is projected as a film based on her life.

Sandeep Garg, Additional District Judge, Patiala House Court, passed the order stating that all defendants, including producers and their associates as well as other actors, to restraint from using Kochhar's name directly or indirectly.

The producers of the movie are also restrained from screening, exhibiting and marketing the movie online or off-line, whole or in part or in homes, without the consent of Kochhar till the next date of hearing, which is on November 26.

The court has granted interim stay on the screening/marketing of the movie. Kochhar had moved court seeking a stay on the release of the movie alleging that the content of the movie is defamatory and she was never approached for her consent for using her name or making a film on her life.

During counsels'&nbsp;submission, objection has been taken to the title of the film as well as to the film itself and the underlying tone and tenor which is also evident in the interviews/press coverage where she is being shown as a culprit though the trial is pending and no charge sheet has been filed against her and the trial is yet to begin.

Kochhar's lawyers stated that making of such alleged biopic and their release, as well as promotional interviews and material vilifying the plaintiff, are extremely prejudicial to the investigation and the trial.&nbsp;

 
&nbsp;

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank.

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank. Kochhar had recently approached the court against the movie 'Chanda: A Signature that Ruined a Career', which is projected as a film based on her life. Sandeep Garg, Additional District Judge, Patiala House Court, passed the order stating that all defendants, including producers and their associates as well as other actors, to restraint from using Kochhar's name directly or indirectly. The producers of the movie are also restrained from screening, exhibiting and marketing the movie online or off-line, whole or in part or in homes, without the consent of Kochhar till the next date of hearing, which is on November 26. The court has granted interim stay on the screening/marketing of the movie. Kochhar had moved court seeking a stay on the release of the movie alleging that the content of the movie is defamatory and she was never approached for her consent for using her name or making a film on her life. During counsels' submission, objection has been taken to the title of the film as well as to the film itself and the underlying tone and tenor which is also evident in the interviews/press coverage where she is being shown as a culprit though the trial is pending and no charge sheet has been filed against her and the trial is yet to begin. Kochhar's lawyers stated that making of such alleged biopic and their release, as well as promotional interviews and material vilifying the plaintiff, are extremely prejudicial to the investigation and the trial.

Interim stay granted on release of biopic allegedly based on Chanda Kochhar's life

Former ICICI Bank managing director and CEO Chanda Kochhar has been called by the Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case, news agency ANI reported.

According to reports, Videocon's Venugopal Dhoot has also been called today for questioning.&nbsp;

This comes a day after the ED, on Friday, carried out <a href="http://www.wionews.com/india-news/icici-bank-videocon-case-ed-searches-office-residential-premises-of-chanda-kochhar-dhoot-200421">searches at the premises of Chanda Kochhar and Dhoot</a>.

The raids were carried out in at least five office and residential premises in Mumbai and a few other locations, the officials stated.

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Former ICICI Bank MD &amp; CEO Chanda Kochhar has been called by Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case. Videocon's Venugopal Dhoot has also been called today.Yesterday,ED had searched premises of Chanda Kochhar and Venugopal Dhoot.(file pic) <a href="https://t.co/ZxdvmLdtVN">pic.twitter.com/ZxdvmLdtVN</a>
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The agency had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group.

The CBI had lodged a complaint in the matter last month naming Chanda Kochhar, Deepak Kochhar, and Dhoot and his companies -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL).

It is alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on May 1, 2009.

The CBI also alleged that the ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot.&nbsp;

(With inputs from agencies)&nbsp;

Former ICICI Bank managing director and CEO Chanda Kochhar has been called by the Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case, news agency ANI reported.

Former ICICI Bank managing director and CEO Chanda Kochhar has been called by the Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case, news agency ANI reported. According to reports, Videocon's Venugopal Dhoot has also been called today for questioning. This comes a day after the ED, on Friday, carried out searches at the premises of Chanda Kochhar and Dhoot. The raids were carried out in at least five office and residential premises in Mumbai and a few other locations, the officials stated. Former ICICI Bank MD & CEO Chanda Kochhar has been called by Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case. Videocon's Venugopal Dhoot has also been called today.Yesterday,ED had searched premises of Chanda Kochhar and Venugopal Dhoot.(file pic) pic.twitter.com/ZxdvmLdtVN — ANI (@ANI) March 2, 2019 × The agency had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group. The CBI had lodged a complaint in the matter last month naming Chanda Kochhar, Deepak Kochhar, and Dhoot and his companies -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL). It is alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on May 1, 2009. The CBI also alleged that the ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot. (With inputs from agencies)

ICICI bank-Videocon case: Chanda Kochhar, Dhoot to be questioned by ED today 

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.&nbsp;

"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said Thursday.&nbsp;

The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer, the report added.&nbsp;

His appointment will be for a period of five years until October 3, 2023, subject to various approvals.&nbsp;

Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers.&nbsp;

The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.&nbsp;

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect, reported news agency PTI. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing. "The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said Thursday. The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer, the report added. His appointment will be for a period of five years until October 3, 2023, subject to various approvals. Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers. The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.

ICICI MD Chanda Kochhar quits bank, Sandeep Bakhshi to replace her

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE.

On NSE, shares of the company jumped 5.77 per cent to Rs 321.25.

The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI. Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE. On NSE, shares of the company jumped 5.77 per cent to Rs 321.25. The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

ICICI Bank shares jump 6 per cent as Chanda Kochhar quits 