ICICI board unaware of Kanodias' investment in Deepak Kochhar's NuPower

Firstland made no return on NuPower investment

Firstland Holdings, a company based in Mauritius owned by the Kanodia family, did not make any return on its investment in the cumulative convertible preference shares (CCPS) that it made in NuPower Renewables, which it held for over two years.

Under the original resolution, Kanodias’ investment would have resulted in 49 per cent stake in NuPower, which it relinquished in favour of DH Renewables Holding, the company that bought the CCPS from Firstland. NuPower Renewables had received Rs 3.25 billion infusion by way of CCPS from Firstland Holdings in 2011 and in 2012. Firstland, part of the Matix Group run