Chanda didn't know about the tie-up with Dhoot, says Deepak Kochhar

Deepak Kochhar, husband of ICICI MD & CEO Chanda Kochhar, has revealed Chanda was not aware of his 50:50 tie-up with Videocon Group Chairman Venugopal Dhoot and other members of the Dhoot family to form NuPower Renewables in late 2008.

"Chanda did not know when I set up NuPower. I knew Dhoot through social circles. I told her when Dhoot exited," Deepak told India Today TV.

Countering the conflict of interest charges, Deepak Kochhar said, "Where is the conflict of interest? ICICI Bank will have relationship with all top corporate in India. If I can't touch any corporate who deals with ICICI, is it fair to me? Can I function like this? I am a Bajaj MBA and a Harvard Alumni. I am an educated professional. Should I sit at home just because my wife is the CEO of ICICI?"

Deepak Kochhar and Videocon promoters Dhoots had together set up a 50:50 JV NuPower Renewables in 2008. These revelations led to allegations of propriety and conflict interest. "I knew Dhoots had a pilot project of 5-7 MW solar plant. I said you have experience of renewable. I invited him to join as director. He put in Rs 2.50 lakh, I put in Rs 2.50 lakh. He exited within 22 days," says Deepak.

Earlier, the board of directors of ICICI Bank decided to back MD & CEO Chanda Kochhar against allegations of quid pro quo in the ICICI-Videocon deal on the basis of an internal evaluation carried out by chairman MK Sharma.