Mumbai Special Court sends Kochhars, Dhoot to 14 days’ judicial custody
The Kochhars nabbed on December 23 and Dhoot arrested on December 26, was produced before a Special Central Bureau of Investigation Court
The Kochhars nabbed on December 23 and Dhoot arrested on December 26, was produced before a Special Central Bureau of Investigation Court
The charges levelled by the Enforcement Directorate (ED) against the Kochhar family is that of illegal sanctioning of loans worth Rs 1,875 crores by ICICI bank to Videocon Group, during the tenure of Chanda Kochhar between June 2009 and October 2011.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.
The two main group companies - Videocon Industries Ltd (VIL) and Videocon Telecommunication Ltd. (VTL) - owe Rs.59,451.87 crore and Rs.26,673.81 crore, respectively or a staggering Rs.86,125.68 crore to Indian banks, led by the State Bank of India (SBI).
Kochhar is accused of "sanctioning loans to private companies in a criminal conspiracy with other accused to cheat the ICICI Bank".
It is alleged that Videocon Group chairman Venugopal Dhoot had given a loan of Rs 64 crore to a firm he had jointly promoted with Deepak Kochhar, six months after his group got the Rs 3,250 crore loan.
Sandeep Bakhshi's appointment will be for a period of five years until October 3, 2023, subject to various approvals.
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