Credential Finance, set up by Kochhar bros, failed to repay Rs 300-mn loans

Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group

Credential Finance (CFL), a financial services firm set up by brothers Deepak and Rajiv Kochhar in the mid-1990s, failed to repay its loans taken from financial institutions, including Sicom and a State Bank of India subsidiary.

The Central Bureau of Investigation (CBI) is currently investigating CFL along with NuPower Renewables and Avista Advisory Group for alleged conflict of interest.

ICICI Bank gave a Rs 32-billion loan to Videocon group, which invested in NuPower Renewables, a firm promoted by ICICI Bank MD and CEO Chanda Kochhar’s husband Deepak Kochhar.

According to filings with the courts and with Ministry of Corporate Affairs, CFL failed to