India logo is seen at the entrance gate of its headquarters in Mumbai
The allegations of a quid pro quo investment first cropped up in 2016 when a whistleblowing shareholder raised it. While issuing a statement, the bank said, "The Board has full faith in the bank's MD and CEO Chanda Kochhar". It was also stated that Kochhar family, relatives of Chanda Kochhar and Mahesh Advani and Neelam Advani became the owners of Nippavar, a company founded by Dhoot family with the help of suspicious business transactions. Deepak Kochchar rejected allegations of share transfers to NRPL. The board doesn't see the any conflict of interest in any manner since Videocon Group is not an investor of NuPower Renewables Pvt Ltd. However, the board has not responded to the question of the transaction between Deepak Kochhar and Venugopal Dhoot. In March 2010, NuPower got a loan of Rs 64 crore from a company named Supreme Energy, entirely owned by Dhoot. He had alleged that this was done because of the business relations of Dhoot and Deepak Kochhar. Nearly eight months later, Dhoot transferred his entire holding in Supreme Energy to his associate Mahesh Chandra Punglia. The RBI has imposed a penalty on the ICICI Bank for continued sale of government securities classified as HTM.
Dhoot subsequently sold his stake but firms controlled by him or associates close to him maintained a relationship with NuPower till early 2013 when its control was finally transferred to a trust controlled by Deepak Kochhar for what critics allege to be a small sum. That investment was later transferred to DH Renewables Holding Limited, also from Mauritius.
What aroused Gupta's suspicions was a flow of foreign funds to NRPL around the same time.
The bank said that none of NuPower Renewables's investors were borrower of ICICI Bank.
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But the story doesn't end here. ICICI Bank's loan exposure to the group stood at Rs 3,250 crore, which was less than 10 percent of the total consortium facility given in April 2012, cleared by a Credit Committee chaired by then Chairman of ICICI Bank and pointed out that "Ms Chanda Kochhar was not the Chairperson of this Committee".
ICICI Bank's second clarification-cum-statement in two days on this issue comes amidst a swirl of speculation about possible conflict of interest in the way Kochhar and the bank handled the sanction of loan to the Videocon Group in 2012. "I am very much in India and have no intention to ever going out of the country....in fact, I am most comfortable here and have not stepped out of India since the last five years", Dhoot had told ET at the time.
As the same rumours have resurfaced again the board reviewed the internal processes and also the details of the exposure to the Videocon group, he said, adding, "It can be concluded that there are adequate checks and balances in loan appraisal, rating and approval processes within the bank, both from the control as well as from a governance perspective".
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