IT Dept sends notice to Deepak Kochhar's NuPower Renewables

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Income Tax department on Tuesday issued a notice to ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar's NuPower renewable.

A bank official said the board meeting was routine in nature and refused to divulge any details whether the conflict of interest issue would be discussed.

"Venugopal Dhoot transferred money from Videocon Group to Supreme Energy, in which he had 90 percent shares".

He said the diversified Videocon Group, which owes almost Rs 40,000 crore which have slipped into an NPA, is also facing similar testing times, and hinted that it has asked banks for a "push" in the form of fresh loans, after which it can come out of the crisis in two-three months.

The CBI has questioned a few officials of ICICI Bank as part of the preliminary enquiry (PE) to find out if any quid pro quo was involved in the bank giving Rs 3,250 crore loan to the Videocon Group in 2012.

It had stated that FLO will honour 10 Indian Women Achievers with FLO ICON AWARDS including Chanda Kochhar, Managing Director & CEO, ICICI Bank for Banking & Finance; Aarti Vij, Chief of AIIMS' Organ Retrieval and Banking Organization (ORBO) for Health & Wellness; Ekta Kapoor, Joint Managing Director and Creative Director of Balaji Telefilms for Media Entrepreneurship and Twinkle Khanna, Entrepreneurs, Author, Film Producer, for Conscientious Cinema. On Saturday, the Hyderabad bench of National Company Law Tribunal (NCLT) initiated insolvency proceedings against Lanco Teesta Hydro Power in a petition filed by ICICI bank under Insolvency and Bankruptcy Code (IBC).

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The reports, once leaked, questioned a possible alleged link of the Videocon Group promoter Venugopal Dhoot with NuPower Renewables and its chairperson Deepak Kochhar.

Gupta, who identifies himself as an informed and vigilant investor owning shares both in ICICI Bank and Videocon Industries, alleged that NuPower Renewables was a 50:50 joint venture of Deepak Virendra Kochhar and Dhoots when founded in 2008. Pinnacle Energy was a trust formed by Kochhar family.

The NPRL denied connections with ICICI Bank's loan lent to companies owned by Dhoot. He further alleges that ICICI Bank also extended offshore funding amounting to Rs 660 crore to a Videocon Group company based in the Cayman Islands.

The Videocon group account was declared an NPA by the bank in 2017.

The bank will redeem 350, comprising of 0.001 per cent unlisted redeemable non-cumulative, preference shares of Rs 1 crore each allotted on April 21, 1998 with a tenure of 20 years are due for redemption on April 20, 2018. Regardless of central agencies stepping up pressure on ICICI Bank, the 30-share Sensitive Index of BSE and 50-scrip Nifty of NSE snapped last week's losing run and recovered to be positive to F&O derivatives' new series for April. The stock tanked 7 per cent to Rs 258.90 on BSE. The institutional investor held 2.50 million shares of the commercial banks company at the end of 2017Q4, valued at $24.37 million, up from 1.82M at the end of the previous reported quarter.

In addition, last week the Reserve Bank of India slapped ICICI with a fine of 589 million rupees, or $9.1 million, for violating regulations related to the sale of certain government securities.

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