 "Deepak Kochhar's NuPower Renewables blames bank loan default on MSEDCL")
NuPower Renewables, a company owned by Deepak Kochhar and in the maelstrom of a cash-for-loans scam at ICICI Bank, has defaulted on bank loans for the financial year ended March 2021. The company dodged paying its principal amount and has held non-receipt of dues from Maharashtra State Electricity Distribution Company (MSEDCL) for the default.
NuPower, accused of receiving Rs 64 crore in ‘kickbacks’ from Videocon Industries in lieu of an ICICI Bank loan of Rs 1,865 crore, reportedly had only Rs 37 lakh in cash as on December 31, 2020, against debt servicing of Rs 13.63 crore, said a banking source.
NuPower, accused of receiving Rs 64 crore in ‘kickbacks’ from Videocon Industries in lieu of an ICICI Bank loan of Rs 1,865 crore, reportedly had only Rs 37 lakh in cash as on December 31, 2020, against debt servicing of Rs 13.63 crore, said a banking source.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%