AMN / WEB DESK
The Bombay High Court on Monday granted interim relief to former ICICI Bank MD & CEO Chanda Kochhar and her husband Deepak Kochhar in the ICICI Bank-Videocon case, observing that their arrests were not in accordance with the law.
The Kochhar couple has termed their arrest as “illegal” on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
The court observed that their arrests were not in accordance with the law and ordered their release on a cash bail of 1 lakh rupees each.
The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The CBI had alleged that the private sector lender ICICI Bank sanctioned credit facilities to the tune of 3,250 crore rupees in violation of norms.