Videocon-ICICI Bank loan controversy: I-T department sends notice to NuPower Renewables over round-trip of funds

3 April, 2018 12:54 PM

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Videocon-ICICI Bank loan controversy: I-T department sends notice to NuPower Renewables over round-trip of funds

The department has asked NuPower Renewables to see whether the company has created an interest free fund and whether it availed any consideration for quid pro quo

The Income Tax (I-T) department has issued a notice to NuPower Renewables as it believes the company was round tripping unaccounted money through Mauritius.

The department feels the shares of the company were inflated and treated at a premium.

They have further asked NuPower Renewables to see whether the company has created an interest free fund and whether it availed any consideration quid pro quo.

Many allegations and questions have been raised after a blog post by a ‘whistleblower’ alleged that promoter of Videocon Group Venugopal Dhoot provided Rs 64 crore to a NuPower Renewables, a firm promoted by Chanda Kochhar’s husband Deepak Kochhar six months after Videocon Group secured a Rs 3,250 crore as loan from ICICI Bank in 2012.

The amount was part of the Rs 40,000-crore loan that Videocon Group secured from a consortium of 20 banks led by SBI.

Source: moneycontrol.com

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