Chanda Kochhar, the former MD and CEO of ICICI Bank, and her husband Deepak Kochhar, who are accused in a loan fraud case, won a reprieve on Monday when the Bombay High Court ordered their release and said their arrest by the CBI was not in accordance with the provisions of the law.

Granting them interim relief, a division bench of Justices Revati Mohite Dere and P.K. Chavan asked them to deposit Rs 1 lakh each in cash as the bail amount. They were released just ahead of their son’s wedding on January 15.

“The petitioners are entitled to be released on bail, pending the hearing and final disposal,’’ the bench said as it listed the case for hearing on February 6.

The CBI had arrested the duo on December 23, in connection with the Videocon-ICICI Bank loan case, and they are presently in judicial custody.

Examining whether their arrest is in violation of Section 41 of CrPC — which deals with police arrest without warrant — and Section 41a — which mandates sending notice for appearance before the police officer concerned — of the CrPC and Section 60-A — which says arrests be made strictly in accordance to the code — the division bench said the only reason stated by the CBI memo is they were not co-operating and not disclosing the true and full facts of the case.

“The reason given in the arrest memos to arrest the petitioners, having regard to the facts as stated aforesaid, appears to us, to be casual, mechanical and perfunctory, clearly without application of mind. The ground for arrest of the petitioners mentioned in the arrest memos is in clear breach of the mandatory provisions of Sections 41 and 41-A and 60-A of CrPC (code of criminal procedure,’’ the court said.

Meanwhile, Videocongroup founder VenugopalDhoot, arrested by the CBI along with the Kochhars, has moved the Bombay High Court seeking to quash the FIR and be released on bail.