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ICICI Bank controversy: Corporate Affairs Ministry summons Deepak Kochhar

Deepak Kochhar is the Founder and CEO of NuPower Group, as per its website

Press Trust of India  |  New Delhi 

Deepak Kochhar
File photo of Deepak Kochhar

As the inspection progresses into six linked to controversy, the will question Deepak Kochhar, husband of the bank's chief Chanda Kochhar, later this month, a senior official said.

is the Founder and CEO of NuPower Group, as per its website.

Alleged lapses involving ICICI Bank's MD and CEO Chanda Kochhar, her husband and other family members, with respect to a loan extended to Videocon Industries by the lender have come under the regulatory lens.

NuPower Renewables and NuPower Wind Farms are among the six whose books are being inspected by the ministry.

On April 23, the ministry ordered an inspection of "books and papers" of six linked to the loan controversy. They are NuPower Renewables Pvt Ltd, Supreme Energy Pvt Ltd, Pacific Capital Services Pvt Ltd, Videocon Industries Ltd, and EchandaUrja Pvt Ltd.

A senior ministry official said that has been summoned later this month for questioning in connection with the case.

However, specific details could not be immediately ascertained.

The inspection is being carried out by the office of the Regional Director (Western Region) under the ministry. It was ordered under Section 206(5) of the Companies Act.

Section 206 provides powers to call for information, inspect books and conduct inquiries.

According to Section 206 (5), the central government may, if it is satisfied that the circumstances so warrant, direct inspection of books and papers of a company by an inspector appointed by it for the purpose.

Last month, said the inspections into these six companies were "under progress".

and her family members are also facing allegations 'conflict of interest' and 'quid pro quo' with respect to loans extended to certain entities.

The case is already being looked into by the RBI, the Sebi and the CBI.

First Published: Mon, September 10 2018. 19:35 IST