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ICICI-Videocon case: NuPower-Matrix Group deal on ED’s focus (IANS Exclusive)
By Rajnish Singh
New Delhi, March 5 (IANS) The Enforcement Directorate (ED) has extended its probe to find out if there was an illegal fund trail between Mauritius-based Firstland Holdings and NuPower Renewables Pvt Ltd owned by Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a multi-crore money laundering case.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI bank to the Videocon Group during 2009 and 2011.
The ED got clues about an illegal transaction running to crores of rupees routed through Firstland to NuPower, an official requesting anonymity told IANS.
Firstland is owned by Nishkant Kanodia, the chairman of Matrix Group and son-in-law of Essar Group co-founder Ravi Ruia.
The ED learnt about the suspected transactions when Kanodia was questioned on Sunday and Monday.
The questioning of Chanda Kochhar, her husband and Videocon Group MD Venugopal Dhoot during the last five days in Mumbai have also given leads to the agency regarding these transactions.
“There is money transaction in crores (of rupees) to NuPower from different companies owned by Dhoot and Kanodia’s Firstland. But the transaction was done through a web of companies. We have to establish the link,” said the official.
The ED has learnt that NuPower got investments of Rs 3,250 crore from Firstland and that the process started in December 2010.
The agency wants to seek judicial assistance through Letters Rogatory (LR) from its foreign counterparts in Mauritius and Singapore, the official said. LR is a formal request from a court to a foreign court for judicial assistance.
The agency has also found links during the timings of the investments in NuPower, transaction by Firstland and loan disbursement to Videocon Group by ICICI Bank. “The investment and the loan disbursal happened in the same year.”
In connection with this transaction, the ED is learnt to have cross-questioned Kanodia and Mahesh Chandra Punglia. Pungali is close to the Kochhar family and is also the Videocon Group MD.
In light of similarities observed in transactions into the bank account of NuPower, the ED has decided to expand the scope of its investigation and examine other six high-value loans worth Rs 1,875 sanctioned by the ICICI bank to six Videocon Group firms between 2009 and 2011 during the time Chanda Kochhar was at the lender’s helm.
Chanda Kochhar took charge of ICICI Bank as Chief Executive Officer and Managing Director on May 1, 2009.
After she joined ICICI, the loan amounts disbursed to six Videocon Group companies in breach of rules and policy by the sanctioning committee, said the official.
The loans include Rs 300 crore to Videocon International Electronics Ltd (VIEL), Rs 175 crore to Millennium Appliances India Ltd, Rs 240 crore to Sky Appliances Ltd, Rs 110 crore to Techno Electronics Ltd, Rs 300 crore to Applicomp India Ltd and Rs 750 crore to Videocon Industries Ltd (VIL).
The official said the ED was also trying to establish Deepak Kochhar’s probable links with some Essar group companies which in December 2010 got a $530-million loan by a consortium of Indian banks led by ICICI. This loan was later classified as non-performing asset (NPA).
(Rajnish Singh can be contacted at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.