Chanda Kochhar Money Trail

When you cut a nook to get to the front of the line, a query is, what do you do while you get there? What is the event horizon, and are you availing financial advantage from it? The Chanda Kochhar-Advani circle of relatives (Chanda Kochhar before marriage to Deepak Kochhar changed into ‘Advani’) organization in collaboration with Videocon’s Venugopal Dhoot is a result of a shameful abuse of strength and pelf. An unholy trinity involved in trickery and deceit. It is built on a tower of greed and bare avarice.

IANS has accompanied the paper trail to bring on an investigative collection on the assembly of this fraudulent boilerplate, which is below a multi-disciplinary probe now.

Chanda Kochhar Money Trail 1

Pacific Capital Services Pvt Ltd is under inspection, and a separate document is prepared for submission through government agencies. In parallel, NuPower is also below appraisal through other investigating officers inside the Office of the Ministry of Corporate Affairs Regional Director western location, Mumbai. Ditto with Videocon International underneath probe with the aid of a separate I.O.

It peeks into the nexus between the Kochhar/Advani families and the Videocon Group. The seamless intertwining of the two entities and digital convergence indicates clean mala fide throughout the deal board at the time of incorporation of NuPower, i.e.. On 24.12.2008, Pacific was owned 90 in line with cent using Neelam Advani (spouse of Mahesh Advani, who’s Chanda Kochhar’s brother) at the same time as 10 in step with cent of the equity changed into held with the aid of Virender Kochhar (Deepak Kochhar’s father).

Thus, in effect, NuPower became promoted by Venugopal Dhoot and Kochhar Group almost equally (Deepak Kochhar had one proportion extra than V.N. Dhoot and his pals. The emergent story of cronyism and collusion is a veritable house of horrors, for electricity’s blatant and open abuse is seen. On December 24, 2008, Dhoot, in conjunction with buddies and nominees Deepak Kochhar and an entity called Pacific Capital, promoted and incorporated a business enterprise, NuPower Renewables Ltd, with a subscribed capital of Rs 500,000 (divided into fairness stocks of Rs 10 each). Pacific subscribed to 25,000 shares (50 in line with the cent), Dhoot subscribed to 24,996 stores, his friends to a few shares, and Deepak Kochhar to 1 equity share. The directors have been Dhoot, Deepak Kochhar, and Saurabh Dhoot (Venugopal Dhoot’s son).

Government sources imply that on January 7, 2009, NuPower accelerated accepted percentage capital from Rs 500,000 divided into 50,000 equity stocks of Rs 10 each to Rs 4,50,00,000 divided into forty-four,50,000 equity shares of Rs 10 every. On the same day, the sport became afoot as NuPower issued 19,97,500 share warrants of the organization to Deepak Kochhar. The 19 ninety-seven 500 warrants issued to Kochhar had been convertible at any time for the duration of the period starting from the date of the issue of warrants as much as and inclusive of 31.7.2010 into an equal variety of fairness stocks of the corporation at face cost of Rs 10 every at par fee.

But in truth, in what turned into a sweetheart deal, he became paid most effective Re 1 in keeping with warrant totaling Rs 19, ninety-seven,500 best as consistent with economic declaration as at 31.Three.2010.

Here is the series of activities that follow; the practicality and alacrity shown with the aid of the dramatis personae are mysterious. The transaction consequences of Rs 64 crore received from Videocon International using Supreme Energy transferred to NuPower Renewables for the subscription of 0 coupon fully convertible debentures. Before this, NuPower became a subsidiary of Supreme, and Videocon advanced Rs 64 to Supreme Energy, owned with the aid of Venugopal Dhoot in 2010 and converted into equity between 2015 and 2017.

* January 7, 2009: Board of NuPower resolved to collect ‘Wind Power Business Divisions’ of Shriram City Union Finance Limited and Shriram Transport Finance Company Limited through Slump Sale Agreement for an agreed consideration of Rs seventy-four,04,88,292 (around seventy-four crores] this is Rs 50 Crores to Shriram City Union Finance Limited and Rs 24 crore to Shriram Transport Finance Company Limited.

* January 15, 2009: V.N. Dhoot resigned from the Board of Directors of Supreme.

* January 15, 2009: Venugopal Dhoot and Saurabh Dhoot resigned from NuPower as Director.

* January 15, 2009: Mahesh Punglia (DIN 01622009] became appointed as Director of NuPower in conjunction with Karunchandra Srivastava, Retd. IAS (Director Identification Number, DIN 00314951)

* March 20, 2009: Supreme, vide letter dated 20/03/2009 to NuPower, expressed its interest in investing within the Company with the aid of Fully Convertible Debentures.

* March 25, 2009: NuPower signed Slump Sale Agreements with Shriram Transport Finance Company Limited (STFCL) and Shriram City Union Finance Limited (SCUFL)

* May 2009: Chanda Kochhar becomes the CEO & M.D. of ICICI Bank Limited.

* June 5, 2009: NuPower has become a subsidiary of Supreme. Supreme acquired forty-nine 994 equity Shares (24,996 fairness stocks from V.N. Dhoot and 22,500 fairness shares from Pacific) of face value Rs 10 every respectively for attention at Par Value.

Duane Simpson

Internet fan. Zombie aficionado. Infuriatingly humble problem solver. Alcohol enthusiast. Spent several months exporting UFOs in Jacksonville, FL. A real dynamo when it comes to exporting gravy in Tampa, FL. Spent 2001-2004 implementing saliva in Edison, NJ. Had moderate success getting my feet wet with junk food on Wall Street. Practiced in the art of building Virgin Mary figurines in Tampa, FL. Practiced in the art of marketing Roombas in Phoenix, AZ.

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