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ICICI-Videocon loan case: Delhi Court relief for Chanda Kochhar's brother-in-law Rajiv Kochhar

The judge says that Rajiv cooperated with the agency whenever he was summoned and also ED has not filed any charge sheet so he can be allowed to fly out of Indian with various conditions

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A Delhi court on Friday asked the Enforcement Directorate to withdraw the lookout notice against Rajiv Kochhar, brother-in-law of former ICICI Bank CEO Chanda Kochhar in the alleged Rs 1,875 crore Videocon loan case.

Special Judge Anju Bajaj Chandna allowed Rajiv, a non-resident Indian, to return to Singapore where he is currently based. The judge said that Rajiv cooperated with the agency whenever he was summoned and also ED has not filed any charge sheet so he can be allowed to fly out of Indian with various conditions.

The agency, on the other hand, asked Chanda Kochhar to join probe in the case on June 10.

The court said Rajiv will leave the country only after furnishing a fresh itinerary and giving his contact details in Singapore and e-mail. He was also asked to submit photocopies of his passport and bank accounts in India, and to ED about his travels outside Singapore.

The court also directed him to furnishing "an unconditional bank guarantee/cash security of Rs 25 lakh to the satisfaction of this court as security for his joining the investigation as and when called upon to do so".

It further directed him not to make any inducement, threat or promise to any person acquainted with the facts of the case in order to dissuade him from disclosing facts to the court or to any police officer.

The court admitted the submissions of senior advocate Geeta Luthra, appearing for Rajiv, that he came to India in response to the summons issued by the ED and joined the probe on various dates. The application was opposed by Rana, who said LOC was required to ensure his presence before the ED.

Noting the submissions, the court said, "Since the applicant responded to the summons of the ED and made himself available for the purpose of investigation, the purpose of LOC stands served."

In the meantime, a senior ED official said that that Chanda Kochhar has been summoned to join the probe on June 10 at 10.30 am She has been grilled by the agency several times.

The case pertains to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875-crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011. The agency alleged that that while heading ICICI Bank, she illegally routed crores of rupees to NuPower Renewables Ltd, a company run by her husband Deepak Kochhar.

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