Whistleblower levels fresh allegations against Kochhar

NEW DELHI: Levelling fresh allegations of quid pro quo deals by the ICICI Bank MD and CEO Chanda Kochhar, the independent activist and whistle-blower Arvind Gupta has alleged that Ruia brothers of Essar group got undue favours from the bank for “round-tripping” investments into her spouse Deepak Kochhar's NuPower Group.

The Ruias funded the NuPower and its subsidiary through their son-in-law Nishant Kanodia and nephew Anirudh Bhuwalka during December 2010 to March 2012 by subscribing to compulsorily convertible preference shares and equity shares, Gupta has alleged in his fresh letter dated May 11, 2018, addressed to PM Narendra Modi.

Almost two years back (March 2016), he had written a letter to the prime minister alleging dirty dealings between the bank, through Chanda Kochhar, and the Videocon Group to benefit her family.


Citing data accessed from the Registrar of Companies (RoC) filings by NuPower Renewables, Gupta's letter reveals that Nishant Kanodia (husband of Ravi Ruia's daughter Smiti Ruia) invested in NuPower via Firstland Holdings, Mauritius -the holding company of Matix Group (co-promoted by Kanodia).

Firstland Holdings, Mauritius subscribed to a total of 3,243,752 share of Rs 1,000 each of NuPower Renewable Ltd during December 31, 2010, to March 21, 2012, in four different tranches amounting to Rs 324.37 crore, as per the RoC filings by NuPower.

Anirudh Bhuwalka, nephew of Shashi Ruia, owned A-One Motors & Services Ltd acquired NuPower Technologies through AMW Motors Ltd which is owned and controlled by Asia Motor Works Holdings Ltd — eventually controlled by the Essar Group, the letter writes.

“Essar Group has round tripped investment payments to NuPower group via Firstland Holdings, Mauritius and had handsomely rewarded Deepak Kochhar...The Matix Group front ended the Firstland Holdings, Mauritius for investing Rs 325 core in the NuPower Group -- the group owned by the husband of Chanda Kochhar.