MUMBAI: Bombay HC held that the arrest of former CEO and MD of ICICI Bank Chanda Kochhar and her businessman husband Deepak Kochhar on Dec 12, 2022, was without application of mind and regard to law and amounts to "abuse of power". The findings come in a reasoned order made available now.
CBI arrested the duo in an alleged corruption case over a high value Rs 3,200 crore loan given between 2009-12 to the V N Dhoot-promoted Videocon group with Chanda as a sanctioning co-mmittee member.
The Jan 2019 FIR alleged that in a quid pro quo, Dhoot had invested Rs 64 crore in Deepak's firm via a circuitous route.
On Feb 6, a bench of Justices Anuja Prabhudessai and N R Borkar held the arrests "illegal for breach of mandatory provision under Section 41A of CrPC", which mandates notice be issued first when offence attracts maximum 7 years' jail and only non-cooperation can merit arrest. Senior counsel Amit Desai for the Kochhars, citing their constitutional right to silence, argued the arrest was illegal as they had already been questioned by ED. HC held that while agency has a right to interrogate, accused has right to remain silent under Article 20 (3) of Constitution. CBI counsel Kuldeep Patil argued that arrest was legal and necessary to confront them with Dhoot. But HC observed that CBI, at time of FIR registration, kn-ew petitioners were involved in conspiracy, its gravity and alleged quid pro quo and yet, did not arrest or interrogate them for 3 years. HC, confirming a Jan 2023 order of interim bail granted to Kochhars, also held that CBI was unable to demonstrate the existence of circumstances on which it decided to arrest them.