New Delhi: The Bombay Excessive Courtroom granted interim bail to Videocon group promoter Venugopal Dhoot on Friday. Final month he was arrested by the CBI in reference to a mortgage fraud case.
After a particular CBI courtroom rejected his plea on January 5, he approached the excessive courtroom. He was arrested on December 26, after which had sought an interim launch.
He approached the Excessive Courtroom after former MD and CEO of ICICI Financial institution Chanda Kochhar and her husband Deepak Kochhar bought bail amid the probe earlier this month.
On December 24, the CBI arrested Chanda Kochhar and her husband. They got bail after the Courtroom ordered their arrest “not in conformity with provisions of regulation”.
It’s claimed that in 2009, Kochhar sanctioned excessive quantities of loans to Dhoot’s firm in alternate for funding in her husband’s renewables enterprise.
Who’s Venugopal Dhoot?
Venugopal Dhoot is considered one of India’s best-known enterprise tycoons. He was born into an agrarian household who had the license to distribute Bajaj scooters in Aurangabad metropolis and in several components of the western state of Maharashtra. Dhoot is understood for being instrumental in Videocon’s spectacular transformation within the Nineteen Nineties.
In 2015, Forbes listed him because the 61st richest individual in India with a wealth of $ 1.19 billion. Throughout this era, Videocon was additionally among the many first firm who bought license to fabricate color TV in India.
Venugo additionally launched telecom, cellphones and satellite tv for pc TV companies.
He additionally tried his enterprise luck in oil and fuel sector. He later began dealing with excessive competitors from international firms like LG and Samsung.
By 2012, Videocon grew to become a extremely indebted firm.
Following this in 2018, an insolvency proceedings had been initiated in opposition to it.