The Bombay High Court has instructed the Serious Fraud Investigation Office (SFIO) not to take any coercive actions against Chanda Kochhar, former CEO and Managing Director of ICICI Bank. The court also mandated that any questioning of Kochhar should occur only during office hours.Â
This directive was issued by a bench comprising Justices Revati Mohite-Dere and Prithviraj Chavan, in response to Kochhar’s plea that senior citizens like her should only be summoned and interrogated during working hours.
Kochhar’s plea, filed through advocate Rohan Dakshini and argued by advocate Amit Desai, was moved urgently after the SFIO issued a summon for her appearance on November 22. Desai highlighted to the court that the SFIO’s summons came after a three-year gap following their investigation into the alleged case.
The plea was submitted to the High Court following the summoning of her husband, Deepak Kochhar, by the agency. Chanda Kochhar is under investigation concerning the Videocon case and 12 other companies. Advocates Desai and Ashwin Thool informed the court that Deepak Kochhar had been detained and questioned late into the night on October 22 by SFIO officials, which they argued was a violation of his fundamental rights.
Chanda Kochhar’s plea, filed by Thool, noted that Deepak Kochhar was summoned despite not being a director, shareholder, or affiliated with any companies under SFIO investigation. The plea further stated that the transactions under SFIO scrutiny had already been examined by the ED and CBI.
The CBI initiated a Preliminary Enquiry in 2017 against Chanda Kochhar and her husband concerning allegations related to a loan sanctioned by ICICI Bank to Videocon Group and an investment of Rs 64 crore by Venugopal Dhoot into Kochhar’s Nupower Renewables Ltd. In 2019, the ED also began its probe into the investment and a flat at CCI Chambers, Mumbai.Â
Kochhar was arrested by the ED in 2020 and later by the CBI in 2022, but was granted bail by the High Court. After more than three years, Kochhar received a summons from the SFIO on October 18.Â
NRPL and Supreme Energy B, C 28 Pvt Ltd, a shareholder of NRPL, also received notices to provide information on financial transactions with Videocon Industries and its 12 companies. Following the summons, Kochhar reported to the SFIO Office on October 22 at 10:30 am, where he was questioned until around 10:10 pm. He was summoned again for October 28.