The Bombay High Court will pronounce on Friday its order on a petition filed by Videocon Group founder Venugopal Dhoot searching for interim bail within the ICICI Bank-Videocon mortgage fraud case.

A division bench of Justices Revati Mohite Dere and P Ok Chavan had on January 13 closed the matter for orders on the interim reduction sought.

Dhoot had approached the excessive court docket quickly after the identical bench had on January 9 granted bail to co-accused – Chanda Kochhar, former Managing Director and Chief Executive Officer of the ICICI financial institution and her husband Deepak Kochhar.

Dhoot’s advocate Sandeep Laddha had argued that Dhoot’s arrest was unwarranted as he had co-operated within the probe.

The Central Bureau of Investigation (CBI), nonetheless, opposed the identical saying that the Videocon Group founder had tried to keep away from the probe and therefore the arrest was authorized.

Dhoot, arrested by the central investigative company on December 26, 2022 and presently in judicial custody, had moved the excessive court docket earlier this week searching for to quash the CBI FIR and sought to be launched on bail by means of an interim order.

In his plea, Dhoot termed his arrest by CBI as “arbitrary, unlawful, achieved with out following due process of regulation and in gross violation of part 41 (A) of the Code of Criminal Procedure (CrPC), which mandates for a discover to be issued to accused to affix the probe and to make an arrest provided that completely mandatory”.

In its order granting interim bail to the Kochhars, the HC had come down heavily on the CBI for making the arrest in a “casual and mechanical” method and with out software of thoughts.

The CBI has alleged that personal sector lender ICICI Bank had sanctioned credit score services to the tune of Rs 3,250 crore to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, Reserve Bank of India’s pointers, and credit score coverage of the financial institution.

The CBI had named Chanda Kochhar, Deepak Kochhar in addition to Dhoot together with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused within the FIR registered in 2019 below Indian Penal Code sections associated to prison conspiracy and provisions of the Prevention of Corruption Act.

The central company has alleged that the ICICI Bank sanctioned credit score services to the tune of Rs 3,250 crore to those corporations in violation of norms.

It additional alleged that as part of quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables by Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by a circuitous route between 2010 and 2012.

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