Bombay High Court seeks CBI response on plea by Chanda Kochhar challenging arrest in Videocon-ICICI Bank loan case

The Bombay High Court on Tuesday granted time to the Central Bureau of Investigation (CBI) to file its reply to the petitions filed by former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar and husband Deepak Kochhar challenging their recent arrest in connection with the Videocon-ICICI Bank loan case..When the matter was heard on Tuesday, Senior Advocate Raja Thakare, appearing for CBI, sought time to file an affidavit in reply to the contentions..A bench of Justices Revati Mohite Dere and PK Chavan agreed that the agency ought to be given a chance to file a reply. Justice Dere added that since the couple was in judicial custody, they could always apply for bail. "CBI has to be given time to file reply. The question before us is about the illegal arrest. With both in judicial custody, you can apply for bail," the judge said. .Senior counsel Amit Desai and Vikram Chaudhari appearing for the petitioners pointed out that their son would be getting married in the coming week. They pointed out that they hadn't applied for bail..The bench agreed to hear the plea on January 6, and directed the CBI to circulate a copy of the reply before that. .Chanda is accused of cheating and irregularities in loan of ₹3,250 crore granted in 2012 to the Videocon Group.A whistleblower alleged in the complaint that Kochhar's husband and her family members benefited from the dealings.It was alleged that when Kochhar was at the helm of affairs at ICICI Bank, she cleared a loan for Videocon Group of Companies. As quid pro quo, her husband's company Nu Renewable allegedly received investment from Videocon.The loan later turned into a NPA and was termed as bank fraud.The couple was arrested on December 24 by CBI in New Delhi and produced before a Special CBI Court in Mumbai on December 25.Videocon Group chairman Venugopal Dhoot was also arrested in connection with the caseAfter initial CBI custody, the special CBI court had remanded them to judicial custody on December 29.They then moved High Court seeking release from the custody contending that the same was illegal..The senior counsel arguing for the couple contended that the arrest had been carried out 4 years after registration of the FIR, which was a violation of Section 41A of the Code of Criminal Procedure.They added that Deepak had been kept in judicial custody for 6 months before getting bail in the Prevention of Money Laundering Act (PMLA) case which arose from the same CBI FIR. In case of Chanda, the Enforcement Directorate had informed the Court that they did not want her custody for investigation. In light of this, they requested the Court to urgently hear the matter for quashing the remand order and releasing Kochhars till the petition is finally heard..Desai and Chaudhari appeared along with Advocates Kushal Mor and Rohan Dakshini.