{"id":"f-ebdaa7ae0c-5a84f397-c7d8-50d2-8895-cab0314d9293","title":"Kochhar Asset Attachment Case: ED To ‘Hold Its Hands’ Till Pleas Are Heard, Bombay HC Told","description":"","timestamp":1765960744,"category":"national_v_two","headline":"Kochhar Asset Attachment Case: ED To ‘Hold Its Hands’ Till Pleas Are Heard, Bombay HC Told","modifiedHeadline":"Court Halts Kochhar Asset Action Temporarily","subCategories":["scid_2094d3d1"],"region":"IN","bundleMetaData":{"bundleId":"7b48871c-c993-4956-b43d-6f46f8e1b036","bundleTitle":"Today In India","cardData":null},"iabCategoryId":"383","fcSummary":"The ED assured the Bombay High Court it has asked officers to hold coercive action until the court hears pleas by Chanda and Deepak Kochhar, who challenged the attachment of their properties in the Videocon money-laundering case. Shareholders questioned ED's scope of attachment.","summary":"Bombay HC informed ED will hold asset attachment in Kochhar case until pleas are heard, leaving many in suspense. Justice delayed?","ctaUrl":"https://trends.glance.com/newz/India_News/IN/en/freepressjournal/f-ebdaa7ae0c-5a84f397-c7d8-50d2-8895-cab0314d9293","sourceUrl":"https://www.freepressjournal.in/mumbai/kochhar-asset-attachment-case-ed-to-hold-its-hands-till-pleas-are-heard-bombay-hc-told/glance","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/W4tHGguoqpR0.webp","content":"

Mumbai, Dec 16: The Directorate of Enforcement (ED) on Thursday assured the Bombay High Court that it has asked its officers to “hold their hands” and not precipitate any coercive action until the court

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hears the pleas filed by former ICICI Bank MD and CEO Chanda Kochhar and her husband, Deepak Kochhar. The couple has challenged the attachment of their properties in the alleged Videocon money-laundering case.

Court Informed Of ED’s Stand

A bench of Justices Bharati Dangre and Shyam Chandak was informed by ED advocate Manisha Jagtap that reply affidavits would be filed in the petitions and that, until then, officers on the ground have been instructed to refrain from taking further steps.

Shareholders Question Scope Of Attachment

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Senior advocate Ravi Kadam, appearing for shareholders of NuPower Renewables Pvt Ltd (NRPL), a company managed and controlled by the Kochhars, argued that the ED had acted beyond its jurisdiction by attaching assets far in excess of the alleged proceeds of crime (PoC).

“We are shareholders. Shareholding of NuPower can be attached, not the assets. The alleged amount is Rs64 crore,” Kadam submitted.

‘Attachment Must Be Proportionate,’ Argue Petitioners

Questioning the scope of the attachment, he said, “Why attach assets which are not acquired from alleged proceeds of crime, as per their own report? They can’t attach anything and everything.”

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The bench observed, “So you are saying only assets acquired from PoC can be attached?”

Kadam responded that even if the PoC is converted into assets, the attachment must remain proportionate. “Assuming NuPower is the beneficiary of PoC, they can attach only those assets acquired from the alleged PoC amount. They can’t attach assets worth Rs700 crore,” he argued.

Kochhars Seek Interim Relief

Appearing for the Kochhars, senior advocate Vikram Nankani urged the court to restrict the attachment, at least at the interim stage, to assets allegedly acquired from the Rs64 crore, which is the claimed PoC amount.

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Nankani also raised concerns over summons issued by the ED to third parties, including electricity service providers and even customers, calling it unnecessary and embarrassing.

ED Reiterates Assurance; Matter Posted

The ED’s counsel responded that officers had been told to “hold their hands” until the appeals are heard. The bench noted that this assurance had been given earlier on November 26 and expressed hope that the matter had not been precipitated.

Background Of Videocon Case

The Kochhars have challenged an order of the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA), which upheld the ED’s attachment of their properties worth about Rs70 crore. They have contended that the attachment is excessive and contrary to the prescribed procedure.

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Also Watch:

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The couple is under investigation in connection with the Videocon case and transactions involving several companies, including NuPower Renewables.

Chanda Kochhar has been booked under the Prevention of Corruption Act in relation to loans granted to the Videocon group during her tenure at ICICI Bank. The matter will be heard next on December 22 at 10.30 am.

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Kochhar Asset Attachment Case: ED To ‘Hold Its Hands’ Till Pleas Are Heard, Bombay HC Told

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