The Bombay High Court on Wednesday refused to urgently hear the petition filed by Deepak Kochhar, businessman and husband of Chanda Kochhar, former CEO of ICICI Bank, seeking to quash the proceedings initiated against him by the Enforcement Directorate in the ICICI and Videocon bank scam.
The ED arrested Mr. Kochhar on September 7, 2020, on charges of money laundering. The case pertains to the deals between Videocon Group and the bank. The ED has relied upon an FIR registered by the CBI in 2019.
Mr. Kochhar was granted bail by the High Court on March 26, 2021. He has now moved the court seeking an urgent hearing, claiming that the trial court is expected to frame charges against him on October 1.
The FIR charged him with cheating and criminal conspiracy and for causing loss to ICICI Bank by sanctioning loans to Videocon Group of companies in contravention of the rules and policies of the bank during the relevant period. These loans given to Videocon Group have turned into non-performing assets and thus resulted in wrongful loss to the bank and wrongful gain to the borrowers and accused persons.
However, refusing any relief, a single Bench of Justice S.K. Shinde, said, “What is so urgent about this matter? Why should I give priority to this matter? Let the trial court frame charges. Should I hear matters only because the trial court will proceed? Everything is like that. I am not inclined.”
The matter will now be heard on September 22.
