The Bombay High Court on Tuesday directed the Serious Fraud Investigation Office (SFIO) to refrain from taking any coercive action against former ICICI Bank CEO and MD, Chanda Kochhar. The court also instructed that she be questioned only during regular working hours.
The bench of Justices Revati Mohite-Dere and Prithviraj Chavan passed the order while hearing Kochhar’s plea, which highlighted concerns over her treatment as a senior citizen.
Advocate Amit Desai, representing Kochhar, urged that questioning outside working hours violates fundamental rights and sought urgent relief as she was summoned to appear before the SFIO on November 22.
PROLONGED INVESTIGATION AND SUMMONS
The SFIO’s summons came after a three-year hiatus in its investigation of the alleged irregularities involving Videocon and 12 related companies. The court was informed that these transactions have already been scrutinised by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).
Chanda Kochhar’s plea cited her husband, Deepak Kochhar’s recent experiences with SFIO. He was reportedly questioned for nearly 12 hours on October 22, from 10.45 am to 10.10 pm, raising concerns about due process. Desai argued, “This is in complete violation of fundamental rights. Senior citizens must not be subjected to such extended questioning.”
The SFIO’s probe centres on alleged links between loans sanctioned by ICICI Bank to Videocon Group and subsequent investments of Rs 64 crore by Videocon’s Venugopal Dhoot into NuPower Renewables Ltd., co-founded by Deepak Kochhar.
Additionally, transactions involving properties, including a flat at CCI Chambers in Mumbai, are under scrutiny.
BACKGROUND OF THE CASE
The investigation dates back to 2017, when the CBI initiated a preliminary inquiry against the Kochhars. The ED followed suit in 2019, probing the alleged quid pro quo involving Videocon and Kochhar’s companies. Chanda Kochhar and her husband were arrested in 2020 and 2022 respectively, but were later granted bail by the High Court.
The SFIO resumed its investigation in October 2023, summoning Chanda Kochhar and several entities, including NuPower Renewables Pvt. Ltd. and Supreme Energy Pvt. Ltd., to submit financial details regarding transactions with Videocon.
COURT’S INTERIM RELIEF
The court, acknowledging the urgency of the matter, directed the SFIO to ensure that Chanda Kochhar’s interrogation adheres to humane standards. “Summoning senior citizens outside office hours is unwarranted and avoidable,” Desai emphasised.
The court’s directive is seen as a critical intervention in safeguarding the rights of individuals during financial probes. Kochhar is scheduled to appear before the SFIO on November 22 as part of the ongoing investigation.
