Former ICICI CEO Chanda Kochhar Granted Bail in Corruption Case
Kochhar is reportedly not allowed to leave the country without the permission of the court.
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Former ICICI Bank CEO Chanda Kochhar was granted bail by a special court in Mumbai on Friday, 12 February, in connection with the ICICI Bank-Videocon money laundering case.
She cannot leave the country without the permission of the court, reported NDTV.
WHAT IS THE CASE ABOUT?
The Enforcement Directorate (ED)had earlier this month filed its first charge sheet in the ICICI-Videocon loan case, naming Kochhar, her husband Deepak Kochhar, Videocon group chief Venugopal Dhoot and seven firms in a money laundering case.
According to ED sources, the financial probe agency has named Kochhar, Deepak and Dhoot along with seven firms, including Videocon International Electronic Limited (VIEL), Videocon Industries Ltd, NuPower Renewables Ltd and Supreme Energy Pvt Ltd, among others.
The case pertains to alleged irregularities in sanctioning six loans worth Rs 1,875 crore to Videocon Industries Limited, Videocon International Electronics Ltd and four other companies associated with the Videocon group between June 2009 and October 2011.
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