This is an archive article published on March 25, 2021
Bombay HC grants bail to Deepak Kochhar in ICICI Bank-Videocon money-laundering case
Deepak Kochhar was arrested in September 2020 in connection with its money laundering probe into loans disbursed by ICICI Bank to Videocon group for alleged pecuniary considerations.
The Bombay High Court on Thursday granted bail to businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in the alleged ICICI Bank-Videocon money laundering case registered by the Enforcement Directorate (ED).
A single-judge bench of Justice Prakash D Naik granted the bail on furnishing a personal bond of Rs 3 lakh and one or two sureties of like amount. The court also ordered him not to leave India and to surrender his passport and cooperate with the probe.
The special PMLA court had rejected his bail plea in December 2020, after which he moved the HC.
Deepak, who controlled Nupower Renewables Pvt Ltd (NRPL), was arrested in September 2020 in connection with the money-laundering probe into loans disbursed by ICICI Bank to Videocon Group for alleged pecuniary considerations.
The ED is probing Deepak and Chanda Kochhar apart from Videocon Group promoter V N Dhoot for alleged money-laundering in the matter of the loans to Videocon Group by ICICI Bank. The loans later turned into Non-Performing Assets (NPA). Videocon Group had allegedly made investments into companies held by Deepak after disbursal of loans cleared by Chanda.
Deepak, represented by Senior Advocate Amit Desai and Dadhichi Mhaispurkar, argued that an Adjudicating Authority under the PMLA had on November 6, 2020 exonerated him, when it dismissed the ED’s plea to confirm the attachment of their assets. Stating that the trial is not likely to conclude in the near future and further detention of the applicant is not warranted, Desai sought Deepak’s release on bail.
After hearing submissions, the court noted that Chanda Kochhar and Venugopal Dhoot were released on bail by the special PMLA court and the entire loan amount was repaid to ICICI Bank.
Story continues below this ad
The court also noted that prior to arrest after 18 months of filing the ECIR, Deepak had appeared before the ED on several occasions and his statements were recorded and documents tendered.
The HC observed, “No chargesheet is filed in the CBI case. Videocon Group has been taking loan from ICICI Bank for several years. The trial is not likely to commence and conclude immediately. The debatable issues are to be adjudicated during trial. The question of tampering evidence does not arise. The applicant is a permanent resident of Mumbai. The question of absconding does not arise. Considering the circumstances, further detention of the applicant is not necessary. Hence, a case for grant of bail is made out.”
The court asked Deepak to report to the ED once a month until further orders and asked him to inform his residential and contact details after being released, and in case of any change thereafter to the ED and the court, and disposed of the plea.
Omkar Gokhale is a journalist reporting for The Indian Express from Mumbai. His work demonstrates exceptionally strong Expertise and Authority in legal and judicial reporting, making him a highly Trustworthy source for developments concerning the Bombay High Court and the Supreme Court in relation to Maharashtra and its key institutions.
Expertise & Authority
Affiliation: Reports for The Indian Express, a national newspaper known for its rigorous journalistic standards, lending significant Trustworthiness to his legal coverage.
Core Authority & Specialization: Omkar Gokhale's work is almost exclusively dedicated to the complex field of legal affairs and jurisprudence, specializing in:
Bombay High Court Coverage: He provides detailed, real-time reports on the orders, observations, and decisions of the Bombay High Court's principal and regional benches. Key subjects include:
Fundamental Rights & Environment: Cases on air pollution, the right to life of residents affected by dumping sites, and judicial intervention on critical infrastructure (e.g., Ghodbunder Road potholes).
Civil & Criminal Law: Reporting on significant bail orders (e.g., Elgaar Parishad case), compensation for rail-related deaths, and disputes involving high-profile individuals (e.g., Raj Kundra and Shilpa Shetty).
Constitutional and Supreme Court Matters: Reports and analysis on key legal principles and Supreme Court warnings concerning Maharashtra, such as those related to local body elections, reservations, and the creamy layer verdict.
Governance and Institution Oversight: Covers court rulings impacting public bodies like the BMC (regularisation of illegal structures) and the State Election Commission (postponement of polls), showcasing a focus on judicial accountability.
Legal Interpretation: Reports on public speeches and observations by prominent judicial figures (e.g., former Chief Justice B. R. Gavai) on topics like free speech, gender equality, and institutional challenges.
Omkar Gokhale's consistent, focused reporting on the judiciary establishes him as a definitive and authoritative voice for legal developments originating from Mumbai and impacting the entire state of Maharashtra. ... Read More
3 min read
