Bank loan fraud case: HC grants interim bail to Videocon's Venugopal Dhoot

The Bombay High Court granted interim bail to Videocon Group founder Venugopal Dhoot on Friday nearly a month after he was arrested by the Central Bureau of Investigation CBI in the ICICI BankVideocon loan fraud caseA division bench of Justices Revati Mohite Dere and P K Chavan granted bail to Dhoot on a surety of Rs one lakh The court permitted him to furnish cash bail and then deposit the surety amount two weeks thereafterThe bench also refused the CBIs request to stay its order so that it could approach the Supreme Court in appealThe court also dismissed an application filed by an advocate seeking to intervene in the matter and for the bench to recall its earlier order granting bail to two other accused in the case Chanda Kochhar former Managing Director and Chief Executive Officer of the ICICI Bank and her husband Deepak KochharThe bench imposed a cost of Rs 25000 on the advocateDhoot had approached the high court on January 10 after the same bench granted bail to the Kochhars The couple was arrested on December 23 2022Also Read Cyrus Mistry death case Bombay HC dismisses PIL seeking culpable homicide charge against Dr Anahita PandoleDhoots advocate Sandeep Laddha had argued that Dhoots arrest was unwarranted as he had cooperated in the probeThe CBI however opposed the same saying the Videocon Group founder had attempted to avoid the probe and hence the arrest was legalThe HC had heard the arguments and closed it for orders on January 13Dhoot presently in judicial custody had sought the HC to quash the CBI FIR and sought to be released on bail by way of an interim orderIn his plea Dhoot termed his arrest by CBI as arbitrary illegal done without following due procedure of law and in gross violation of section 41 A of the Code of Criminal Procedure which mandates for a notice to be issued to accused to join the probe and to make an arrest only if absolutely necessaryIn its order granting interim bail to the Kochhars the HC had come down heavily on the CBI for making the arrest in a casual and mechanical manner and without application of mindThe CBI has alleged that private sector lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act Reserve Bank of Indias guidelines and credit policy of the bankThe CBI had named Chanda Kochhar Deepak Kochhar as well as Dhoot along with Nupower Renewables NRL managed by Deepak Kochhar Supreme Energy Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption ActThe central agency has alleged that the ICICI Bank sanctioned credit facilities to the tune of Rs 3250 crore to these companies in violation of normsIt further alleged that as a part of quid pro quo Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd SEPL and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever