Chanda Kochhar's brother seeks cancellation of LOC against him in ICICI-Videocon loan case

Rajiv Kochhar, the brother-in-law of former ICICI CEO and MD Chanda Kochhar, moved a Delhi court on Wednesday seeking cancellation of the Look Out Circular (LOC) issued against him in connection with the ICICI-Videocon loan case. The ED had questioned Rajiv, who is Deepak Kocchar's brother, from April 30 to May 2, stating that he withheld crucial information pertaining to the case.

Earlier in the day, Chanda Kochhar and her husband Deepak had appeared before the ED for the third consecutive day in connection with the aforesaid case. The matter relates to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan by ICICI Bank to Videocon Group in 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. The brothers hold stakes in the two companies. The two firms had earlier moved a petition in the PMLA appellate tribunal, seeking the release of documents which were allegedly seized by the ED on March 1. 

(With inputs from agencies.)