Mumbai: In the ICICI Bank-Videocon loan fraud case, the Bombay High Court has allowed release of former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar from judicial custody after CBI arrest.
The court observed the arrest not in accordance with the law. The bail amount is set at Rs 1 lakh each. The CBI had opposed the release.
The CBI had arrested both Chanda and Deepak on December 23. After this, Videocon Group founder Venugopal Dhoot was arrested on 26 December. All three were sent to judicial custody for 14 days till January 10.
Hearing the bail plea of the Kochhar couple, a bench of Justices Revati Mohite Dere and PK Chavan noted that their arrest was made in violation of Section 14A of the Code of Criminal Procedure (CrPC). This section states that a notice must be sent to the police officer before arrest
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