[ad_1]
The Enforcement Directorate (ED) on Friday instructed the Supreme Court that no coercive action will probably be taken by the company against former ICICI Bank CEO and MD Chanda Kochhar in reference to the cash laundering case.
Solicitor General Tushar Mehta knowledgeable the bench headed by Justice S.Okay. Kaul the probe company wouldn’t take any coercive step in pursuance of the case registered in ICICI Bank-Videocon Group mortgage case.
The bench noting that interim safety is already in place, mentioned it might hear later the 2 different petitions filed by Kochhar difficult the arrest of her husband Deepak Kochhar in the case. The bench additional noticed that the pendency of the bail software earlier than the Supreme Court wouldn’t come in the way in which of the trial court docket in deciding the appliance for normal bail.
ED earlier this month filed its first cost sheet in the ICICI-Videocon mortgage case, naming Kochhar, her husband Deepak Kochhar, Videocon group chief Venugopal Dhoot and 7 corporations in an alleged cash laundering case ; at the very least eight different entities, together with Nu Power Renewables Ltd, Videocon International Electronics Ltd (VIEL), Videocon Industries Ltd and Supreme Energy Pvt Ltd, have been named in the chargesheet or “prosecution complaint”.
The ED’s case against the Kochhar household pertains to the alleged unlawful sanctioning of loans of Rs 1,875 crore by ICICI Bank, in the course of the tenure of Chanda Kochhar, to Videocon Group.
According to the ED, it discovered that loans had been refinanced and new loans including as much as Rs 1,730 crore had been sanctioned to Videocon Industries Limited (VIL) and its group corporations, and that these loans turned non-performing property (NPA) for ICICI Bank in June 2017.
© The Indian Express (P) Ltd
[ad_2]
Source hyperlink