New Delhi: The Bombay high court on Monday (January 9) said that the arrests of former ICICI bank CEO Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation last month were illegal, and so the two will be freed.

"Nothing specific has been noted/set-out therein, as mandated by Section 41(1)(b) (ii) (a) to (e). The only reason mentioned is that the petitioners have not co-operated and not given true and correct disclosure. The same cannot be a ground for arrest. The ground for arresting the petitioners as stated in the arrest memos, is unacceptable and is contrary to the ground(s) on which a person can be arrested. `Not disclosing true and correct facts’ cannot be a reason, inasmuch as, the right against self incrimination is provided for in Article 20(3) of the Constitution," the court said.

"What was the reason to arrest the petitioners after four years is not spelt out in the arrest memos, as mandated. The ground for arrest of the petitioners mentioned in the arrest memos is in clear breach of the mandatory provisions," the high court ruling said, according to NDTV.

The bench also made a significant point about arrests in general, saying that just because an arrest could lawfully be made, does not mean it must happen. "It is further observed that if arrests are made in a routine manner, it could cause incalculable harm to the reputation and self-esteem of a person and that presumption of innocence is a facet of Article 21, which would ensure to the benefit of an accused," Bar and Bench quoted Justices Revati Mohite Dere and P.K. Chavan as saying.

The two had been arrested Rs 3,250-crore Videocon fraud case.

The CBI had named the Kochhars and Videocon group founder Venugopal Dhoot, who was also arrested in December, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.

The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012, the FIR has alleged.

In its order on Monday, the Bombay high court has also said that the CBI cannot claim that the accused were not cooperating just because they had not confessed.

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