ICICI-Videocon case: Court reserves order on plea of Rajiv Kocchar

A special court on Monday reserved its order till June 7 on the plea of Rajiv Kochhar, brother-in-law of former ICICI CEO and MD Chanda Kochhar, seeking cancellation of the Look Out Circular (LOC) against him in connection with the ICICI-Videocon loan case.

Advocate Geeta Luthra, appearing for Rajiv Kochhar, contended before Special CBI Judge Anju Bajaj Chanana that he has cooperated with the investigation.

"He will join the probe as and when called," the counsel submitted.

Opposing the plea, Enforcement Directorate (ED) counsel Nitesh Rana contended that he is still required in the investigation. "There is a flight risk," he said.

Rajiv Kochhar, brother of Chanda Kochhar's husband Deepak Kochhar, had moved the court on May 15 seeking cancellation of the Look Out Circular (LOC) issued against him. All three have already been questioned by ED as well as the Central Bureau of Investigation (CBI) in the case.

The ED had questioned Rajiv Kochhar from April 30 to May 2, alleging that he withheld crucial information pertaining to the matter.

The case relates to alleged irregularities and corrupt practices in the sanction of Rs 1,875 crore loan by ICICI Bank to Videocon Group between 2009 and 2011.

The ED had on March 1 carried out searches at the premises of Pacific Capital Services Private Limited and Quality Techno Advisors Pvt Ltd.

Both Rajiv and Deepak Kocchar hold stakes in these two companies.

The two firms had earlier moved a petition in the Prevention of Money Laundering Act (PMLA) appellate tribunal, seeking the release of documents which were allegedly seized by the ED on March 1.