The Bombay High Court's vacation bench on Tuesday refused to give an urgent hearing to a plea by former CEO-cum-MD of ICICI Bank, Chanda Kochhar and husband Deepak Kochhar challenging their arrest by CBI in Videocon loan fraud case.
A two-judge vacation bench of Justice Madhav Jamdar and Justice S G Chapalgaonkar refused to give urgent hearing on a mentioning by accused Chanda and Deepak.
The CBI had on December 26 arrested Videocon Group founder Venugopal Dhoot in connection with an investigation into “illegally” sanctioning loans worth Rs 3,250 crore to Videocon Group of companies by ICICI.
"There is no urgency in petitions seeking quashing of FIR and remand order," the vacation bench said.
So far as quashing was concerned, there is no urgency. You (the Kochhars) can apply for bail in regular court also. We will consider the matter on January 2 (reopening day).
Advocate Kushal Mor, appearing for the accused submitted that the arrest of both the accused -- Chanda and Deepak -- under Prevention of Corruption (PC) Act required detailed sanction under Section 17A of the Prevention of Corruption Act.
"The arrest has been carried out after four years, which is violation of Section 41-A of the Criminal Procedure Code, and illegal," Mor contended.
The Kocchars were arrested on December 23 in the ICICI Bank loan case.
