Videocon Group chief Venugopal Dhoot has rejected allegation that suggested of dealings with the husband of ICICI Bank MD and CEO Chanda Kochhar, beyond investing Rs 2.5 lakh in his renewable energy business.
He called media reports of subsequent events, including loaning Rs 64 crore to Nupower Renewables through one of his companies, or subsequent transactions which resulted in Deepak Kochhar gaining full ownership of the company, as baseless.
These reports have led to allegations of possible conflict of interest and quid pro quo against Chanda Kochhar.
“Our transaction is very clear and I have not done anything wrong, and will not do anything wrong…We have not invested any money in any company floated by Deepak Kochhar.
“We invested Rs 2.5 lakh, pulled it out and now there is no relation between us,” Dhoot reportedly said in an interview aired today on Marathi channel ABP Majha.
The Videocon Group chairman said Deepak sought investment in his venture, Nupower Renewables, over a decade ago. Dhoot further said he agreed as Deepak was seeking only Rs 2.5 lakh and was an “old acquaintance”.
The ICICI Bank was headed by K V Kamath at that time, Dhoot said, claiming that he did not know if Chanda Kochhar was associated with the bank then.
Dhoot was quoted as saying that he regularly invests small amounts in start-ups, but decided to exit this investment as Videocon discovered oil reserves which was not aligned with the business of Nupower, and returned his 50 per cent stake to Deepak Kochhar.
Dhoot reportedly said he had got to know Deepak Kochhar through his friend and IAS officer, former Maharashtra chief secretary Sharad Upasani. He had no contact with either Deepak Kochhar or Chanda Kochhar after the return of the stake, he said.
About the alleged Rs 64 crore loan given to Nupower by Supreme Energy which is ‘99.99 per cent owned by him’, Dhoot initially claimed Videocon does not have any such entity, but then conceded that the Group may have invested “a lakh or two” in some company, but claimed he does not exactly remember.
According to media reports, Supreme Energy loaned the money to Nupower in March 2010 through fully convertible debentures, a year after Dhoot divested his stake in Nupower.
Supreme Energy became 94.99 per cent owner of Nupower after this, with Deepak Kochhar retaining the remaining stake. The same year in November, Dhoot is alleged to have transferred his entire stake in Supreme to his business associate Mahesh Punglia, reported PTI.
Dhoot reportedly said Punglia is a “big consultant” who keeps meeting people, and he (Punglia) may have “lent” his name to some venture.
