Home Nation News Court Issues Release Order of Kochhars but Jail Stay Prolonged as Bail Papers Miss Deadline

Court Issues Release Order of Kochhars but Jail Stay Prolonged as Bail Papers Miss Deadline

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Court Issues Release Order of Kochhars but Jail Stay Prolonged as Bail Papers Miss Deadline

Last Updated: January 09, 2023, 22:24 IST

Deepak Kochhar is lodged in Arthur Road Jail in central Mumbai, while Chanda Kochhar is housed in the nearby Byculla women's prison (File photo: IANS)

Deepak Kochhar is lodged in Arthur Road Jail in central Mumbai, whereas Chanda Kochhar is housed within the close by Byculla girls’s jail (File photograph: IANS)

The couple was arrested by the Central Bureau of Investigation (CBI) on December 23 for his or her alleged roles within the fraud case and are presently in judicial custody

A particular court docket right here on Monday issued the discharge order of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar after they had been granted interim bail by the Bombay High Court in an alleged mortgage fraud case, but they may not stroll out of prisons in the course of the day as their bail papers didn’t attain jail authorities on time.

As per a jail official, they didn’t obtain the discharge order by 5:30 pm, the deadline set by jail authorities, therefore the couple was not freed on Monday.

Earlier, their lawyer mentioned the Kochhars had been unlikely to stroll out of the jail in the course of the day.

The couple was arrested by the Central Bureau of Investigation (CBI) on December 23 for his or her alleged roles within the fraud case and are presently in judicial custody.

Deepak Kochhar is lodged in Arthur Road Jail in central Mumbai, whereas Chanda Kochhar is housed within the close by Byculla girls’s jail.

Earlier within the day, the High Court granted interim bail to the couple and got here down closely on the CBI for making the arrest in a “informal and mechanical” manner and without application of mind.

The CBI named the Kochhars, Videocon group founder Venugopal Dhoot along with Nupower Renewables (NRL) – managed by Deepak Kochhar – Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR (first information report) linked to the case registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act (PCA).

The central agency has alleged that ICICI Bank, headed by Chanda Kochhar from 2009 to 2018, sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms.

It further claimed that as a part of quid pro quo (Latin expression literally meaning “something for something”), Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012.

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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)

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