HomeBombay High Court grants interim relief to Chanda and Deepak Kochhar — Here is how the case moved

Bombay High Court grants interim relief to Chanda and Deepak Kochhar — Here is how the case moved

Chanda Kochhar has been arrested in a case linked to alleged irregularities in a loan of over Rs 3,000 provided to the Videocon Group when she was the CEO and MD of the ICICI bank.

Profile image

By CNBCTV18.com January 9, 2023, 11:00:41 AM IST (Updated)

5 Min Read
Bombay High Court grants interim relief to Chanda and Deepak Kochhar — Here is how the case moved
On December 26, a Central Bureau of Investigation court  in Mumbai remanded ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar Venugopal Dhoot in CBI custody till December 28.



After Former Kochhar and husband were arrested, the CBI arrested Videocon Group Promoter Venugopal Dhoot yesterday for alleged irregularities in a Rs 3250 crore loan that Videocon got from ICICI Bank in 2012.
Sources have told CNBC-TV18 that Venugopal Dhoot has offered to turn an approver in the case.


According to the charges, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Deepak Kochhar, months after the ICICI bank loan was granted to the Videocon group.


Kochhar, 59, had quit as CEO and managing director of ICICI Bank in October 2018 after allegations of her favouring the Videocon Group, a consumer electronics and oil and gas exploration company, emerged. The ICICI bank said a year later that it would treat Kochhar's exit as “termination for cause” as she violated the bank's code of conduct and internal policies, NDTV reported.

Kochhar has been accused of criminal conspiracy and cheating by the CBI for alleged irregularities in a loan of Rs 3,250 crore which was provided to the Videocon Group in 2012. The loan became a non-performing asset for the ICICI Bank, and a whistle-blower alleged that Kochhar's husband Deepak Kochhar and her family benefited from the dealings.

Here is a timeline of events leading up to Chanda Kochhar’s arrest

Oct 2016: Arvind Gupta, an ICICI Bank and Videocon Group investor, alleges loan irregularities at ICICI Bank. The Reserve Bank of India investigates allegations but does not find anything meaningful.

ALSO READ: CBI arrests former ICICI CEO Chanda Kochhar, husband Deepak Kochhar in Videocon loan case

March 2018:  The case comes into the spotlight again when an unnamed whistle-blower complains against the bank and its top management, alleging a deliberate delay in recognising impairment in 31 loan accounts to save on provisioning costs.

March 31, 2018: CBI files an internal inquiry and questions Chanda Kochhar’s husband Deepak Kochhar and brother-in-law Rajiv Kochhar.

April 3, 2018: The ICICI board denies any misconduct on Kochhar's part.

April 4, 2018: The Serious Fraud Investigation Office (SFIO) seeks the Ministry of Corporate Affairs' approval to probe ICICI Bank's Rs 3,250 crore loan to the Videocon group in 2012.

May 23, 2018: The Securities and Exchange Board of India (SEBI) serves notice to Chanda Kochhar on dealings of the lender with Videocon Group and NuPower Renewables.

May 30, 2018: The ICICI Bank board reverses its stance, and the board starts an independent probe.

June 4, 2018: The whistle-blower makes fresh allegations against Chanda Kochhar and the ICICI Bank says the CEO is on annual leave.

ALSO READ: CBI charge sheets ex-Mumbai police commissioner, NSE ex-CEO in phone tapping case

June 15, 2018: The ICICI Bank picks retired Justice BN Srikrishna to lead the probe and Kochhar is sent on leave, pending the investigation.

July 5, 2018: The SEBI asks Kochhar to reply to the show cause notice by July 10.

Oct 4, 2018: Kochhar formally steps down as MD & CEO, after the bank approves her request of retiring early before her tenure ends.

January 24, 2019: The CBI registers an FIR against Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot over alleged irregularities in loans sanctioned in 2012.

January 30, 2019: A panel of the ICICI bank headed by Justice BN Srikrishna finds that Kochhar violated the bank's code of conduct in the Videocon loan case. The board says it will treat Kochhar’s separation as 'termination for cause’.

Feb 2019: A money laundering case is filed against Kochhar and CBI issued a lookout notice against Kochhar.

Jan 2020: The Enforcement Directorate provisionally attaches assets worth over Rs 78 crore of Chanda Kochhar and her family.

Mar 5, 2020: The Bombay High Court rejects Chanda Kochhar’s appeal against her termination as CEO.

Sept 8, 2020: The ED arrests Deepak Kochhar in the money-laundering case. He is released in March 2021 on a personal bond of Rs 3 lakh.

Nov 4, 2020: The ED files the chargesheet against Chanda Kochhar.

Feb 26, 2022: Chanda Kochhar files a fresh case against ICICI Bank seeking retirement benefits.

May 28, 2022: The CBI files an FIR against Chanda Kochhar.

Dec 23, 2022: The CBI arrests Chanda Kochhar and her husband Deepak Kochhar.

Dec 26, 2022: The CBI has arrested Videocon Group Promoter Venugopal Dhoot for alleged irregularities in a Rs 3250 crore loan that Videocon got from ICICI Bank in 2012.

Sources have told CNBC-TV18 that Venugopal Dhoot has offered to turn an approver in the case.

Advocates of Deepak, Chanda and Dhoot told a Mumbai court that they have entirely co-operated with the CBI, while it mentioned they had non-cooperation, a term the agency used as the grounds for arrest. Meanwhile, the public prosecutor said that it had recently issued notices to Dhoot asking him to appear and he didn't. And the investigating officer said they want to confront all three accused for a fair probe.

The CBI court  Mumbai has remanded Kochhar her husband and Dhoot in CBI custody till December 28. 

Dec 29, 2022: In the hearing today CBI informed that it doesn't seek further custody of all three accused. CBI informed the court that the accused should  be sent to Judicial Custody for 14 days.

Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot have been sent to judicial custody till Jan 10.

January 9, 2023: Bombay High Court has granted interim relief to former ICICI bank, MD-CEO, Chanda Kochhar and her businessman husband, Deepak Kochhar.

The Court has ordered their release in the plea challenging their arrest and claiming it was an illegal arrest.

Also read: Venugopal Dhoot offers to turn approver in Videocon-ICICI Bank loan fraud case after CBI arrest



Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!