Chanda Kochhar: Former CEO and MD Chanda Kochhar challenges ICICI board’s prosecution nod | India News

MUMBAI: Former ICICI Bank CEO and MD Chanda Kochhar has moved the Bombay high court challenging the sanction given by the bank’s board to prosecute her in connection with alleged irregularities in loans given to Videocon. In her plea, Kochhar claimed proper procedure was not followed while granting the sanction.
Kochhar and her husband Deepak Kochhar were arrested by CBI on December 23, 2022, in the case.They were granted bail in January 2023 by HC, which pulled up the agency for making the arrest in a “casual and mechanical” manner and without application of mind. TheICICI Bank board passed a resolution on April 22 granting sanction to prosecute Kochhar while accepting that there seemed to be a quid pro quo. The CBI had informed the special court in June about the prosecution sanction given by the bank’s board.
Kochhar’s counsel Amit Desai on Monday submitted to a bench of Justices P D Naik and N R Borkar that the bank had not followed proper procedure while granting sanction. No loss was caused to the bank in the alleged case, he added. The CBI’s advocate, Kuldeep Patil, sought time to file an affidavit in response to the plea. The HC bench then posted the matter for further hearing on January 5. PTI