In an order that was made available on Wednesday 3rd February, 202, Justice A A Nandgoankar said, "After going through the submissions, written complaints and statements recorded under PMLA, it appears that Chanda Kochhar had misused her official position in granting loan to accused Dhoot and/or Videocon group companies."
On January 30, 2021 the special court for Prevention of Money Laundering Act had summoned Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused after taking cognizance of the EDs charge sheet. The ED alleged that Rs. 64 crores out of a loan amount of Rs. 300 crores sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics Limited was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of loan.
A special PMLA court here has held that the material submitted by the Enforcement Directorate is sufficient to proceed with a trial for money laundering against former ICICI Bank CEO and MD Chanda Kochhar and others. The ED arrested Deepak Kochhar in September 2020 after it filed a criminal case for money laundering based on an FIR registered by the CBI against the Kochhars, Dhoot and others. The material produced by the ED constitutes the commission of offence, and it is sufficient to proceed against the accused persons, the court said. "NRPL was earlier known as Nupower Renewables Limited (NRL) and is owned by Deepak Kochhar, the ED said. And (it appears) she got illegal gratification/undue advantage through her husband through various companies for siphoning off money and proceeds of crime", the judge said.
“Prima Facie Misused her Official Position”: Former ICICI Bank MD and CEO Chanda Kochhar and Husband summoned by PMLA Court [READ ORDER]
Judiciary
Feb 05, 2021
ADITI AGGARWAL
(
Editor: Ekta Joshi
)
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An investigation complaint was filed by the Enforcement Directorate in the multi-crore scam (under the Prevention of Money Laundering Act, 2002) against former ICICI Bank MD and CEO Chanda Kochhar and 10 others, including the Videocon Industries Ltd's Managing Direction VN Dhoot, Kochhar and her husband.Taking the cognizance of the same, a special court observed that Chanda Kochhar had prima facie misused her official position in granting loans to accused Videocon group of companies and...
SC rejects Chanda Kochhar’s appeal against Bombay HC order upholding ICICI’s decision to sack her
Judiciary
Dec 02, 2020
Samit Siddhanta
(
Editor: Ekta Joshi
)
3 Shares
On Tuesday, December 1, 2020, the Supreme Court rejected Kochhar’s appeal against the Bombay HC order upholding her sacking as the CEO and MD of the ICICI Bank. Kochhar was sacked last year after which the board also decided to take back all the bonuses given to her since 2009 when she took the charge of the post.Earlier, the Bombay High Court had dismissed her petition against the bank’s decision. Aggrieved by it, she approached the Apex court. But the apex court also dismissed her...
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