Liar, liar! Dhoot denies I-T questioning in ICICI case; gets caught red-handed

NuPower Renewables CEO and Co-founder Deepak Kochhar - who's also the husband of ICICI Managing Director Chanda Kochhar - has also been questioned three times by the IT Department in last 10 days.

By Virendrasingh D Ghunawat  
Tuesday, May 15, 2018

Videocon Chairman Venugopal Dhoot on Tuesday was questioned by the Mumbai's Income Tax Department in connection with the ongoing investigation into the Rs 3,250-crore plus Rs 660 crore loans by the ICICI Bank to Videocon Industries in 2012. Top official of the Mumbai IT Department has confirmed to India Today that Dhoot was questioned for over three hours.

When India Today reached to Dhoot over a phone call, he replied through an SMS, saying: "I am at Aurangabad...No statement recording by I-T dept." However, before his questioning, he was seen outside the IT Department office around 2PM, urging video journalists not to videoshoot him; he left the I-T office around 6 pm.

NuPower Renewables CEO and Co-founder Deepak Kochhar - who's also the husband of ICICI Managing Director Chanda Kochhar - has also been questioned three times by the IT Department in last 10 days. The department also conducted searches at three properties owned by Nishant Kanodia, son-in-law of Ravi Ruia, in Mumbai, Kolkata, and West Bengal with regard to the funding of over Rs 300 crore and an undisclosed income by Matix Fertiliser in Deepak Kochhar's company.

The department has sought Deepak to furnish the details of his personal transactions and financial details about his role as the NuPower Renewables MD. It also asked for the share valuation report for investment in NuPower, balance sheets, and profit details. Deepak Kochhar had founded NuPower along with Videocon Chairman Venugopal Dhoot in 2008.

Deepak Kochhar-led NuPower Renewables Private Ltd is in the eye of the storm due to the 'quid pro quo' allegations in the ICICI Bank's loans to Videocon. It has been alleged that during the time these two loans were given to Videocon, Deepak Kochhar's NuPower received an identical 10 per cent foreign funding (Rs 325 crore and Rs 66 crore) from two Mauritius-based firms, First Land Holding Limited and DH Renewables Holding Limited.

Also read: ICICI-Videocon: The curious link between Essar co-founder's son-in-law and Deepak Kochhar

 

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