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 pecuniary advantage from it? The Chanda Kochhar-Advani circle of relatives (Chanda Kochhar before marriage to Deepak Kochhar changed into ‘Advani’) organization in complicity with Videocon’s Venugopal Dhoot is an end result of a shameful abuse of strength and pelf. An unholy trinity involved in chicanery and deceit. It is built on an edifice of greed and bare avarice.

IANS has accompanied the paper trail to bring on an investigative collection on the assembly of this fraudulent boilerplate, one this 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 inspection through some other investigating officer 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 presents a peep into the nexus among the Kochhar/Advani families and the Videocon Group. The seamless intertwining of the two entities and digital convergence whenever 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 by means of 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 become promoted by way of 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 the blatant and open abuse of electricity 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 cent), Dhoot subscribed to 24,996 stocks, his friends to a few shares and Deepak Kochhar subscribed 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. The identical day, the sport becomes 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 off 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 expediency and alacrity shown with the aid of the dramatis personae are mysterious. The transaction consequences in Rs 64 crore received from Videocon International by means of Supreme Energy transferred to NuPower Renewables for the subscription of 0 coupon fully convertible debentures. Before this NuPower becomes subsidiary of Supreme and Videocon advances Rs 64 to Supreme Energy owned with the aid of Venugopal Dhoot in 2010 that’s then 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 for making an investment within the Company with the aid of the manner 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 & MD of ICICI Bank Limited.

* June five, 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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