Chanda Kochhar, the former MD and CEO of ICICI Bank, and her husband Deepak Kochhar have failed to obtain an urgent hearing from the Bombay High Court in the matter of allegations of loan fraud made against them by the CBI.

The Kochhars had approached the court on Tuesday calling their arrest by the CBI illegal.

The probe agency had arrested the duo last Friday. A special court on Monday extended their remand till December 28. Earlier they were remanded to CBI custody till December 26.

On Tuesday, the Kochhar’s moved the Bombay High Court. The petition came up before a vacation bench comprising Justice Madhav Jamdar and Justice S.G. Chapalgaonkar.

Kushal Mor who represented the Kochhars said the CBI did not take prior permission under Section 17A of the Prevention of Corruption Act(PCA) before arresting them.

The arrest was carried after four years which violates of Section 41A (notice of appearance before police officer)of the Code of Criminal Procedure, Mor said.

He sought urgent hearing from the court and the quashing of FIR, apart from the interim release of the former ICICI Bank CEO and her husband.

The court refused to grant the hearing and directed the Kochhars to mention the matter before a regular bench once it resumes after vacation on January 2.

The ruling means the Kochhars will be under CBI custody at least till December28.

The CBI had arrested the Kochhars on Friday night after questioning them briefly. The agency alleged they were evasive in their responses and did not co-operate with it in the investigation.

The CBI had named them and Venugopal Dhoot, chairman of the Videocon Group— along with Nupower Renewables, managed by Deepak Kochhar, Supreme Energy Pvt Ltd, Videocon International Electronics Ltd and Videocon Industries Ltd — in its FIR registered in 2019 under IPC sections related to criminal conspiracy and PCA.