Essar link: Fresh trouble for Chanda Kochhar

MUMBAI:  Pressure is mounting on Chanda Kochhar, managing director & CEO, ICICI Bank and its board amid fresh reports pointing to Kochhar’s yet another likely quid pro quo connection to Essar Group.
The details emerged close on the heels of the ongoing ICICI-Videocon probe and even as the Income Tax department slapped new a notice to Kochhar’s brother-in-law Rajiv Kochhar besides the Central Bureau of Investigation probe.  

Investors and shareholders are already pressing for her voluntary departure from the country’s second largest private bank, notwithstanding the strong backing of the board. “When the top management’s credentials are questioned, it’s logical to step down to uphold good corporate governance norms,” one of ICICI’s minority shareholders told The New Indian Express. Yet, weeks after the sensational development came to light, Chanda Kochhar, has been maintaining an eerie silence and even skipped a few events to avoid public glare.

On Thursday, reports revealed another complex web of financial dealings between Firstland Holdings Ltd, a Mauritius-based investment firm and Deepak Kochhar’s NuPower Renewables. As per the Registrar of Companies (RoC) records, Firstland Holdings is promoted by Nishant Kanodia, son-in-law of Essar Group chairman Ravi Ruia. ICICI Bank has lent upwards $500 million to Essar Group, which is now an NPA.

Data from RoC also suggests that NuPower received funds from Firstland Holdings around the same time when Essar Group handed over loans as part of the consortium lending.Whistleblower Arvind Gupta, who first alleged quid pro quo charges pointing to ICICI Bank’s `660 crore loan to Venugopal Dhoot-owned Videocon Industries and NuPower’s links with Firstland Holdings, should be investigated on the grounds of money laundering and round-tripping.

Numetal moves NCLAT ahead of bankers’ meet 
Ahead of the lenders’ meeting on Friday which may ask for fresh bids for the bankrupt Essar Steel’s assets, Numetal on Thursday approached the National Company Law Appellate Tribunal (NCLAT). Numetal’s application at NCLAT is aimed at pre-empting a possible move by the lenders to call for fresh bids as the two bids submitted peg the value of the assets only under 40 per cent of the C45,000 crore that Essar Steel owes to over 30 lenders.

Reports revealed dealings between Firstland Holdings Ltd & Deepak Kochhar’s NuPower Renewables