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No Coercive Action to be Taken Against Chanda Kochhar, ED Tells SC

The case pertains to alleged irregularities in sanctioning six loans worth Rs 1,875 crore to Videocon Industries Ltd

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Solicitor General Tushar Mehta on Friday assured the Supreme Court that no coercive action will be taken against former ICICI Bank chief executive officer Chanda Kochhar in the ICICI-Videocon loan case.

Mehta, representing the Enforcement Directorate, made the submission before a bench headed by Justice Sanjay Kishan Kaul during the hearing of a petition by Kochhar on behalf of her husband, Deepak Kochhar, challenging his arrest.

Chanda Kochhar moved two pleas: One is connected to her husband and the other is on her behalf.

Senior advocate Mukul Rohatgi appeared for Kochhar in the matter.

During the hearing Justice Kaul told Rohatgi: "You have a sword hanging on your head. But at least you have protection..."

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The top court noted that the regular bail petition of Deepak Kochhar listed in trial court on Monday and the pendency of case here will have no effect on the trial court proceeding.

The pleas will be listed after the next week for further hearing.

What Is The Case About?

The Enforcement Directorate (ED) earlier this month filed its first charge sheet in the ICICI-Videocon loan case, naming former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, Videocon group chief Venugopal Dhoot and seven firms in a money laundering case.

According to ED sources, the financial probe agency has named Chanda Kochhar, Deepak Kochhar and Dhoot along with seven firms, including Videocon International Electronic Limited (VIEL), Videocon Industries Ltd, NuPower Renewables Ltd and Supreme Energy Pvt Ltd, among others.

Deepak Kochhar is currently in judicial custody after he was arrested by the ED.

The case pertains to alleged irregularities in sanctioning six loans worth Rs 1,875 crore to Videocon Industries Limited, Videocon International Electronics Ltd and four other companies associated with the Videocon group between June 2009 and October 2011.

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