Videocon loan: CBI questions another NuPower director

The Central Bureau of Investigation (CBI) on Sunday examined Umanath Vaikunt Nayak, a director in NuPower Renewables of Deepak Kochhar, in connection with a preliminary inquiry into the loans extended by ICICI Bank to the Videocon group in 2012, said an agency source.

An online profile of Mr. Nayak shows that he is a director of NuPower Wind Farms Ltd., a subsidiary of NuPower Renewables.

Restructuring loans

“Mr. Nayak is being quizzed in connection with the inquiry. The questioning of NuPower Renewables director and former Videocon employee Mahesh Chandra Punglia, and Mr. Kochhar’s brother Rajiv Kochhar is also under way,” said a CBI official.

According to the agency, Mr. Rajiv Kochhar is being questioned to determine whether he had any role in the restructuring of loans extended to the Videocon group.

He is the founder and Chief Executive Officer of Avista Advisory that offers various services, including financial restructuring, capital structuring and placement across debt, mezzanine, and equity mergers and acquisitions, and asset management services for the real estate and hospitality sector.