The Bombay High Court on Wednesday refused to take in for urgent listening to a plea filed by way of Deepak Kochhar, businessman and husband of former Chief Executive Officer of ICICI Bank Chanda Kochhar, searching for to quash complaints initiated in opposition to him by means of the ED in an alleged cash laundering case.
Deepak Kochchar, arrested via the Enforcement Directorate (ED) in September final year, had sought urgent hearing in his plea claiming the trial courtroom is possibly to frame expenses towards him on October 1. Justice S K Shinde, but, noted that he was now not inclined to take in the plea for hearing on an urgent foundation. "What is so pressing approximately this rely? Why need to I give precedence to this count? Let the trial courtroom frame fees. Should I hear topics best because the trial court will continue? Every be counted is like that. I am no longer inclined," Justice Shinde stated. The court posted the plea for hearing on September 22. Deepak Kochhar has challenged an order of a unique court hearing cases filed beneath the Prevention of Money Laundering Act (PMLA) wherein manner (word/summons) turned into issued based on a prosecution criticism (comparable to a chargesheet) in addition to all consequential complaints springing up from the same. The businessman has claimed that in 2020, the statutory adjudicating authority beneath the PMLA had in reality said that the stated assets was now not proceeds of crime. However, the ED had suppressed the truth before the unique court and were given an order in their favour, he has claimed. In mild of this, Kochhar has sought quashing of the PMLA courtroom order.
The alleged cash laundering case being investigated by way of the ED associated with siphoning off six high-price loans from ICICI Bank to various groups of Videocon Industries Ltd.
According to the ED, the alleged siphoning off is to the track of Rs 300 crores. The ED has alleged that Rs 64 crore, out of Rs three hundred crore mortgage sanctioned by way of a committee of ICICI Bank headed via Chanda Kochhar to Videocon International Electronics, became transferred to any other company, Nupower Renewables Pvt Ltd (NRPL), by way of Videocon Industries on September 8, 2009, a day after the mortgage disbursement. NRPL become earlier referred to as Nupower Renewables Ltd (NRL) and is owned by means of Deepak Kochhar.
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