Former ICICI Bank CEO and Managing Director, Chanda Kochhar, has filed a petition in the Bombay High Court, challenging the approval granted by the bank’s board to prosecute her in the Videocon loan case. Kochhar alleges that the proper procedures were not followed in granting the sanction. She and her husband were arrested in December 2022 in relation to the case.

The petition filed by Kochhar states that the approval granted by the ICICI Bank board was subjective and prejudiced. It further alleges that there were several irregularities and violations of the bank’s code of conduct during the investigation process. Kochhar claims that she had cooperated fully with the bank and provided all the necessary information and documents as requested.

Kochhar’s petition also highlights that the allegations against her have already been examined by multiple investigative agencies, including the Central Bureau of Investigation (CBI) and the Securities and Exchange Board of India (SEBI). These agencies had failed to establish any wrongdoing on her part.

The Videocon loan case relates to a loan provided by ICICI Bank to the Videocon Group in 2012. It is alleged that there were conflicts of interest involved in the approval and disbursement of the loan. Kochhar was accused of nepotism and quid pro quo in relation to the loan.

In January 2019, the ICICI Bank board had terminated Kochhar’s employment after an independent investigation report found violations of the bank’s code of conduct. Subsequently, legal proceedings were initiated against Kochhar and her husband, Deepak Kochhar.

Chanda Kochhar’s move to challenge the board’s approval in court signifies her determination to contest the allegations and clear her name. The outcome of the petition will have significant implications for her legal battle in the Videocon loan case.