A possible link between Deepak Kochhar, husband of ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar, and Videocon Industries in view of loans extended to the group in 2012 came under the scanner of the Prime Minister’s Office (PMO).
According to media reports, the PMO took cognisance of the allegations in 2016, following which the matter was forwarded for a discreet verification.
The findings of the inquiry were submitted to the PMO. Subsequently, the Central Bureau of Investigation was tipped to pursue the leads and further examine the facts.
Deepak Kochhar, who is promoter of NuPower Renewables, however rejected allegations of wrongdoing and conflict of interest stemming from the controversy that has embroiled his wife and ICICI Bank chief executive Chanda Kochhar and said his chartered accountant would respond to any notice from the authorities.
He also reportedly said that not all of the 700 mw of capacity claimed on the NuPower website is operational as yet.
NuPower, which is facing scrutiny from tax authorities, is part of a preliminary enquiry by CBI into its funding and operations, the reports pointed out.
Deepak Kochhar, two of his relatives and Videocon Group chairman Venugopal Dhoot incorporated NuPower in 2008. Dhoot controlled Supreme Energy lent the company Rs 64 crore and was later absorbed by a trust headed by Kochhar for Rs 9 lakh.
Whistleblower Arvind Gupta, meanwhile, said the entire board of ICICI Bank should be made liable in the deepening ICICI-Videocon controversy.
ICICI Chairman M K Sharma last week confirmed that Chanda Kochhar had made all necessary disclosures, reports said.
Kochhar’s disclosures (about the investments made by Venugopal Dhoot in NuPower, promoted by her husband Deepak Kochhar), make the board party to additional knowledge and that it should have exercised its powers to prevent the private lender from approving the loan to Dhoot’s Videocon, The New Indian Express quoted Gupta as saying.
“The entire board, including independent directors, should be liable. The board should always have followed some standards,” Gupta reportedly said.
When the loan was sanctioned to Videocon, while K V Kamath was the chairman, Kochhar was both in the risk committee and credit committee, it was pointed out.
