Venugopal Dhoot is the chairman and executive director of the Videocon industries. The Mumbai session court dealing with the prevention of the money laundering Act (PMLA) has granted bail to him in the matter related to Chanda Kochhar, former Managing Director of ICICI. The case pertains to causing losses to ICICI bank by sanctioning loans to the Videocon Group in contravention of the rules and policies of ICICI Bank during the relevant period.
However, Advocate Sandeep Laddha representing Mr. Dhoot, 70, informed the court that summons was not served to him but he appeared suo moto in the case.
In his application appealed to the court to consider his age and his dexterous health amid the pandemic as grounds for the bail plea. He also claimed that neither he nor his family has benefited from all their assets and properties that have been given as security to the banks and that he did not hold any assets in India or abroad.
Mr. Laddha has also argued that Mr. Dhoot and the Videocon group were victims of the circumstance and no criminality could be attributed to them. He added that several other accused were granted bail. He relied upon the order passed by the same judge has been granted the bail to Mrs. Kochhar.
A special court on Friday granted bail to Venugopal Dhoot on a cash bond of 5 Lakhs rupees, in the ICICI-Videocon money laundering case. Dhoot was also directed to report ED as and when required for further investigation and to inform the latest place of residence and share the contact details also and continue updating if and when they change. Dhoot was also directed to surrender his passport to the Enforcement Directorate immediately.