NuPower, Pinnacle Energy trust board member quits

MUMBAI: Prem Rajani has stepped down as a member of the boards of NuPower Renewables and an associated trust, both alleged to have benefitted from a quid pro quo arrangement on loans given by ICICI Bank to Videocon group.

Rajani, a Mumbai-based lawyer, resigned from boards of NuPower and Pinnacle Energy Trust in April, a person familiar with the development told ET. A detailed questionnaire emailed to Rajani did not elicit any response.

“The main reason is that he is looking to remain on the boards of only a few select companies as independent director, as per the new guidelines,” the person said.


Rajani sits on the boards of seven companies and two law firms. He is a well-known lawyer in the city, especially for family trusts. Rajani is also on the boards of AMW Motors, a manufacturer of medium and heavy commercial vehicles, and AMW Auto Component.

Rajani was an acting trustee in Pinnacle Energy and an independent director on the board of NuPower, according to records with the Ministry of Corporate Affairs. He was appointed to the board of NuPower on May 2, 2017, and the ministry records still show him as a director of the company.

A separate query sent to Deepak Kochhar, the founder and CEO of NuPower Group, remained unanswered.

NuPower Renewables is central to the quid pro quo allegations over loans given by ICICI Bank, which is headed by Kochhar’s wife Chanda Kochhar, to Venugopal Dhoot’s Videocon.

Dhoot’s Supreme Energy gave a Rs 64 crore loan to NuPower in 2010, which was converted to equity during 2015-17. Kochhar and Dhoot have denied any wrongdoing.