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Report cites IT probe linking Essar to NuPower, company clarifies (Lead)

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New Delhi, May 7 (IANS) Even as a report in a leading national daily linked the Essar Group to Deepak Kochhar-promoted NuPower Renewables, which is currently on the radar of several investigative agencies as well as the tax authorities, the company clarified on Monday that it has no links with NuPower.

In a report on Monday, the Hindustan Times said “investigative agencies are looking at whether DH Renewables Holding Ltd, the Mauritius-based special purpose vehicle of Accion Diversified Fund that is the major shareholder in NuPower Renewables, is related in any way, directly or indirectly, to the Essar Group”.

The newspaper also quoted an unnamed tax officer as saying: “From being a minority shareholder in NuPower, DH Renewables’ holding has risen to over 54 per cent. This happened because successive shareholders have offloaded their stake in NuPower to DH.”

The report said DH Renewables also “stepped in” when First Land Holdings, promoted by the son-in-law of Essar Group’s Ravi Ruia, “wanted to sell its stake in the company”.

The Essar Group, however, denied any links with NuPower Renewables, DH Renewables or First Land Holdings.

“Essar has not made any investments in First Land or NuPower. Further, Essar entities have business dealings with Matix Fertilizers and Chemicals Ltd. on arm’s length basis, and these have no connection whatsoever with NuPower,” a statement issued by the Essar Group said.

When IANS reached out to an Income Tax (I-T) official, he said: “There are many reports that flow in. But I-T department cannot comment on it while the investigations are on.”

NuPower is being investigated by several agencies since news reports raised questions about the chairman of Videocon Venugopal Dhoot giving a loan of Rs 64 crore to the firm he had jointly promoted with Deepak Kochhar, husband of ICICI CEO Chanda Kochhar, six months after his group received a Rs 3,250 crore loan from ICICI.

The I-T Department has so far sent two notices to Kochhar. On April 30, it sent a notice under Section 139(9) of the Income Tax Act seeking an explanation on his personal income. I-T had earlier sent a notice in the first week of April to NuPower Renewables, which was formed in December 2008.

Sources earlier told IANS that the Foreign Tax Division of the department has written to the authorities in Mauritius seeking details of the ownership of DH Renewables Holding Ltd, a major shareholder in NuPower Renewables.

The CBI has registered a preliminary inquiry against Kochhar, Videocon Group officials and others to determine any wrongdoing or otherwise in the sanction of the loan to the Videocon group by the ICICI Bank as part of a consortium of banks in 2012.

–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

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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.

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