Finance

Videocon loan case: Income tax department issues notice to Deepak Kochhar

Videocon loan case: Income tax department issues notice to Deepak Kochhar

Income Tax department on Tuesday issued a notice to ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar's NuPower renewable.

ICICI Bank's Board, however, expressed faith in Chanda Kochhar and also the bank's credit sanctioning system with regard to its dealing with the Videocon Group.

This is the first time ICICI Bank's board met after the controversy over alleged conflict of interest involving its CEO Chanda Kochhar and Videocon group broke out.

Meanwhile, Videocon Group Chairman Venugopal Dhoot has said he knew all the 12 members of the panel that had cleared the loan amount and asserted that personal ties between two people do not always result in criminal acts. The CBI is assessing for wrongdoings in the bank's lending practices, especially in disbursal of Rs 3250 crore to Videocon Group. Bank in a statement said, " Board meeting being held today is a pre-scheduled Board meeting convened for review of cases which are before NCLT under Insolvency and Bankruptcy Code, and other routine matters. Now they are saying they sold their shares of Nupower Renewables much before.

As of March 2017, Registrar of Companies records say that Deepak Kochhar held an about 43.4% in NPRL both as direct holding and through Supreme Energy and Pinnacle Energy.

The NPRL denied connections with ICICI Bank's loan lent to companies owned by Dhoot. It also reduced its holding in Kirby Corp (NYSE:KEX) by 137,473 shares in the quarter, leaving it with 669,772 shares, and cut its stake in Coca Cola Co (NYSE:KO). "ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012", it added.

Apart from Videocon, Rajiv's firm through its website (http://avistaadvisory.com/transactions/restructuring/) claims to have offered its services to companies like Suzlon (in 2014), Jaiprakash Associates (in 2017), GTL Infra (in 2012), JSL (in 2016), Sterling Biotech (in 2013), Jaiprakash Power Ventures (in 2015) etc. The stock tumbled 5.93 per cent to end at Rs 261.90 on the BSE. The ICICI received another jolt after the RBI last week imposed a penalty of Rs 58.9 crore on it for violating the central bank's guidelines governing treasury operations, one of the heaviest monetary levies by a regulator on a bank for violation of regulations in recent years.

In addition, last week the Reserve Bank of India slapped ICICI with a fine of 589 million rupees, or $9.1 million, for violating regulations related to the sale of certain government securities. The hedge fund run by Howard Marks held 8.80 million shares of the commercial banks company at the end of 2017Q4, valued at $85.67M, up from 7.67M at the end of the previous reported quarter.


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