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ICICI-Videocon loan: I-T Dept seeks details of personal transactions, finances from Deepak Kochhar

ICICI-Videocon loan: I-T Dept seeks details of personal transactions, finances from Deepak Kochhar

Before this, the taxman had sent two notices to Kochhar, who is also the husband of ICICI Bank MD and CEO Chanda Kochhar, seeking financial details about his role as the Managing Director of NuPower Renewables, an independent power producer in the renewable energy sector.

As the Income Tax Department moves ahead in its investigation with regard to conflict of interest allegations in the ICICI-Videocon loan case, a fresh notice has been sent to NuPower co-founder and CEO Deepak Kochhar. The department has asked him to furnish the details of his personal transactions and other finances in the next 10 days.  

Before this, the taxman had sent two notices to Kochhar, who is also the husband of ICICI Bank MD and CEO Chanda Kochhar, seeking financial details about his role as the Managing Director of NuPower Renewables, an independent power producer in the renewable energy sector. The department had also sought the share valuation report for investment in NuPower, balance sheets, and profit details from Kochhar, who founded NuPower along with Videocon Chairman Venugopal Dhoot way back in 2008.

Deepak Kochhar-led NuPower Renewables Private Ltd is in the eye of the storm due to the 'quid pro quo' allegations in the ICICI Bank's Rs 3,250-crore plus Rs 660 crore loans to Venugopal Dhoot-owned Videocon Industries in 2012. It has been alleged that during the time these two loans were given to Videocon, Deepak Kochhar's NuPower received an identical 10 per cent foreign funding (Rs 325 crore and Rs 66 crore) from two Mauritius-based firms, First Land Holding Limited and DH Renewables Holding Limited.

The taxman is now studying the nature of activities of NuPower Renewables between 2010-11 and 2015-16. The earlier notices were issued to Deepak Kochhar under Section 131 (power regarding discovery, production of evidence) of the I-T Act. The department has also sought the names and addresses, the nationality of the promoters, directors, and beneficial shareholders of these firms as part of the earlier two notices, the officials had said.

The department had also sent a detailed questionnaire, seeking details of the firms' operations, to be answered by Deepak Kochhar as it is probing the investments made by the two Mauritius-based firms in his company with suspected links to the Videocon-ICICI Bank loan case. The CBI is already conducting a preliminary enquiry in this loan case and has named Kochhar in it.

With PTI inputs