The Bombay High Court on Monday granted bail to former ICICI bank CEO and MD Chanda Kochhar and her husband Deepak in the ICICI Bank-Videocon case, stating that the arrests were “not in accordance with the law”.
A division bench of Justice Revati Mohite-Dere and Justice Prithviraj K Chavan said the petitioner’s arrest, “We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release.
The court added that it is “not in compliance with section 41 A of the criminal procedure code.”
The release has been ordered on a cash bail of Rs 1 lakh each. The bench said the duo shall cooperate with the probe and attend the CBI office as and when summoned.
The court also asked Kochhars to surrender their passports to the CBI.
