View Details << Back

I-T notice to Deepak Kochhar: Explain Mauritius investments, Videocon links
Kochhar has been asked to explain how he came into contact with the two Mauritius companies and submit transcripts of all communications, including email and minutes of meetings, between the two sides.

  IN A detailed notice sent to Deepak Kochhar, husband of ICICI Bank CEO and MD Chanda Kochhar, the Income Tax Department’s investigation wing has focused on “investments” made by two Mauritius entities in his company NuPower Renewables Private Ltd. Investigations have shown that this includes a last tranche of Rs 166.53 crore just two weeks prior to the Rs 3,250-crore loan granted by the bank to the Videocon Group in 2012.
In a notice sent on April 3, details have also been sought on investments of Rs 64 crore in the form of convertible debentures by Supreme Energy Ltd which — as reported by The Indian Express on March 29 — was a company transferred to Deepak Kochhar by Videocon’s Venugopal Dhoot for just Rs 9 lakh, six months after the ICICI Bank loan came in.
READ | Videocon-ICICI deal: CBI examines former Dhoot aide in probe
Supporting documents have been demanded by April 10 to show disposal of assets by NuPower between 2014 and 2016 (Rs 838.81 crore) and capital gains loss (Rs 47.39 crore) for 2016-17. Details of “slump sale agreements” between NuPower and two of its subsidiaries during 2014-16 have also been demanded. A slump sale refers to the transfer of a whole or part of business concern as a going concern.



© All rights Reserved. The south Asian, Published Weekly from New york.