The Supreme Court, in a recent hearing, expressed concern over the prolonged interim bail, spanning 11 months, granted to former ICICI Bank CEO Chanda Kochhar in the Videocon loan fraud case.
During the proceedings, the court noted an adjournment request made on Kochhar's behalf and questioned the continuation of her interim bail. Justice Trivedi queried the Additional Solicitor General about the lack of objection from the CBI regarding this extension.
ASG Raju clarified that the CBI has been opposing the bail extension and intends to file an application in the Bombay High Court to revoke the interim order, citing errors in its basis.
Granting a final opportunity, the apex court scheduled a hearing for December 11 to address the matter.
The CBI has filed a special leave petition challenging the Bombay HC's decision that allowed the release of Kochhar and her husband, Deepak Kochhar, from judicial custody, citing discrepancies in the arrest process.
It's notable that despite the initial two-week interim bail granted by the High Court on January 9, the bail extension has persisted for 11 months.
The allegations revolve around purported kickbacks received by Chanda Kochhar and her family during her tenure in exchange for loans provided to the Videocon group.
Key Points:
1. The Supreme Court reviewed the prolonged interim bail granted to Chanda Kochhar, former CEO of ICICI Bank, in the Videocon loan fraud case.
2. During the hearing, Justice Trivedi questioned the extension of Kochhar's bail and asked why there was no objection from her side.
3. The Additional Solicitor General representing the investigative agency mentioned their objection to the continuing bail and their intent to file an application with the Bombay High Court to lift the interim order.
4. The CBI is challenging the basis of the High Court's decision to grant bail, considering it flawed, and plans to contest it in the Supreme Court.
5. The Supreme Court scheduled a hearing on December 11, providing a final opportunity to address this matter.
6. The CBI filed a petition contesting the Bombay HC's directive that led to the release of Chanda Kochhar and her husband from judicial custody, citing irregularities in their arrest.
7. Notably, the High Court initially granted interim bail for a limited period of two weeks, but the bail continues till date.
8. Allegations suggest that Chanda Kochhar and her family received illicit gains during her tenure in exchange for loans provided to the Videocon group.
9. This case involves scrutiny of Kochhar's actions during her leadership at ICICI Bank and the alleged kickbacks received by her family.
10. The legal battle continues as various courts assess the validity of Kochhar's bail and the circumstances surrounding the alleged Videocon loan fraud.
(With Agency Inputs)
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