The Bombay High Court on Friday granted interim bail to arrested Videocon group chairman VN Dhoot. The Videocon founder had approached the high court after a division bench on January 9 granted bail to co-accused Chanda Kochhar former managing director and chief executive officer of the ICICI Bank and her husband Deepak Kocchar.
Dhoot's lawyer had argued at the Bombay High Court that his arrest was unwarranted as he was cooperating with the probe. However, the Central Bureau of Investigation claimed that he was trying to avoid the probe. The case pertains to alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency has alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon promoted by Venugopal Dhoot in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.