Bank Loan Fraud Case: Bombay HC Grants Interim Bail To Videocon's Dhoot
- The CBI has alleged that ICICI Bank had sanctioned credit facilities worth ₹3,250 crore to companies of the Videocon Group in violation of the Banking Regulation Act, Reserve Bank of India's guidelines, and the bank's credit policy
MUMBAI : The Bombay high court on Friday granted interim bail to Venugopal Dhoot, former promoter and managing director of Videocon group, in the ICICI Bank-Videocon loan fraud case. Dhoot had challenged his detention by the Central Bureau of Investigation (CBI), calling it “illegal".
A bench led by justices Revati Mohite Dere and Prithviraj Chavan asked Dhoot to pay a surety of ₹1 lakh within two weeks.
The high court had reserved its order in the matter on 13 January.
A detailed order is awaited.
Dhoot, 72 , was arrested by the CBI on 26 December, immediately after the arrests of Chanda Kochhar, former managing director and chief executive officer of ICICI Bank, and her husband Deepak Kochhar in the case matter. The trio was sent to judicial custody thereafter.
Dhoot, currently in judicial custody, had sought quashing of the CBI FIR and release on bail by way of an interim order. In his plea, Dhoot said his arrest by CBI was “arbitrary, illegal, done without following due procedure of law and in gross violation of section 41 (A) of the Code of Criminal Procedure, which mandates for a notice to be issued to accused to join the probe and to make an arrest only if absolutely necessary."
Dhoot also said that he was cooperating with the probe and being deeply rooted in India had no plans of absconding. The CBI, however, had opposed this saying that the Videocon group founder had attempted to avoid the probe and hence the arrest was legal.
Last week, the Bombay high court had granted a two-week interim bail to Chanda Kochhar and her husband in the loan fraud case.
The CBI has alleged that ICICI Bank had sanctioned credit facilities worth ₹3,250 crore to companies of the Videocon Group in violation of the Banking Regulation Act, Reserve Bank of India's guidelines, and the bank's credit policy.
The CBI had named Kochhars and Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The probe agency alleged that as a part of quid pro quo, Dhoot made an investment of ₹64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
Labour's Winning Streak: Momentum Builds In The 2024 Local Elections
As the 2024 local elections unfold, Labour has emerged as a formidable force, securing a series of significant victories... Read more
Revisiting Campus Conflict: Rethinking The Role Of Law Enforcement Amidst Student Protests
Recent clashes between protesters and law enforcement at Columbia University and other American campuses have sparked re... Read more
Pro-Palestinian Protests Surge: Unveiling Fault Lines On American Campuses
In recent months, American universities have become the focal points of escalating pro-Palestinian protests, with events... Read more
Hong Kong Introduces Groundbreaking Cryptocurrency ETFs For Retail Investors
Hong Kong has entered a new era in the realm of cryptocurrency investments with the recent introduction of the first spo... Read more
UK's Local Elections 2024: A Decisive Political Landscape Shift
In the spring of 2024, the United Kingdom witnessed a pivotal moment in its democratic process as local elections unfold... Read more
The Fragile Lifeline: America's Aid To Ukraine Amidst Political Struggles
Amidst escalating tensions with Russia, the United States has once again extended a vital lifeline to Ukraine in the for... Read more