ICICI case: I-T dept suspects 'round-tripping' at Deepak Kochhar's NuPower

Seeks details from Singapore, Mauritius to substantiate its findings against ADSF, DH Renewables

The income tax department’s preliminary findings have smelt the possibility of ‘round-tripping’ at Deepak Kochhar’s NuPower Renewables. 

Tax authorities have raised the red flag over a Rs 4.05 billion investment by Singapore-based Accion Diversified Strategies Fund (ADSF) through its Mauritius subsidiary, DH Renewables Holding. 

The significant premium at which NuPower shares were issued to DH Renewables has raised eyebrows. Between 2014 and 2016, DH Renewables paid a premium of Rs 1,161 apiece, against a face value of Rs 10, to buy compulsory convertible cumulative preferential shares (CCPS) worth over Rs 4.05 billion. 

The I-T department said NuPower’s balance sheet did