ICICI loan enquiry: I-T dept sends second notice to Deepak Kochhar

The I-T sources said the replies given to it were not "complete" and lacked full information and Deepak Kochhar has been asked to submit other details by this week

Investigators on Thursday widened their probe into the Rs 32.5 billion loan ICICI bank-Videocon loan case with the Income Tax Department issuing a second notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, and the CBI questioning a director of his firm and a close aide of businessman Venugopal Dhoot.

Sources in the tax department said Kochhar was issued a fresh notice as it received a "part reply" from him in connection with its tax evasion probe with links to the Videocon bank loan case.

An authorised representative of Kochhar, they said, however, submitted official documents and statements to the department two days ago, in reply to a notice first issued to him early this month.

Meanwhile, the CBI quizzed Umanath Vaikunt Nayak, a director in the NuPower Renewables which was founded Kochhar, and Mahesh Chandra Punglia, considered a close aide of Videocon founder Venugopal Dhoot at its headquarters here.

The I-T sources said as the replies given to it were not "complete" and lacked full information, Kochhar has been asked to submit the rest of the details by this week, including the flow of about Rs 3.25 billion from two Mauritius-based firms to his company NuPower Renewables Private Ltd.

They said the authorities who appeared in response to the I-T notice have assured cooperation.

The two foreign-based firms have been identified as First Land Holding Limited and DH Renewables Holding Limited.

The department, they said, has also sought the share valuation report for investment in NuPower Renewables apart from copy of balance sheets and profits.

The taxman has also sought, according to the notice accessed by PTI, nature of activities of NuPower Renewables between 2010-11 to 2015-16.

The I-T notices, under section 131 (power regarding discovery, production of evidence) of the I-T Act, have been issued to Kochhar in his capacity as the Managing Director (MD) of NuPower Renewables.

The CBI has registered a Preliminary Enquiry (PE) against Dhoot, Kocchar and unidentified others.

A PE is the first step by the CBI to gather information about the allegations. If the agency is convinced there exists prima facie material in the matter, it may register a regular case against the accused.

The ICICI Bank board had recently come out in support of Chanda Kochhar, saying it had full faith and confidence in her and described certain reports against her regarding credit disbursement to the Videocon Group as "malicious and unfounded rumours".