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Ministry to probe companies related to ICICI

Under section 206 of the Act, the registrar has powers to call for information, inspect books of accounts and conduct inquiries

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Chanda Kochhar
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The Ministry of Corporate Affairs has started inspection of the firms associated with Deepak Kochhar, ICICI Bank CEO Chanda Kochhar’s husband, Minister of State for Corporate Affairs P P Chaudhary told DNA Money.

“MCA has ordered inspection against NuPower Renewable and five other companies under section 206(5) of the Companies Act, 2013. The probe is under progress,” Chaudhary said. The inspection, ordered on April 23, is being carried out by the regional director, western region, he added.

Under section 206 of the Act, the registrar has powers to call for information, inspect books of accounts and conduct inquiries.

The top banker is facing allegations of conflict of interest and nepotism in the sanctioning of loans to the tune of Rs 3,250 crore to Videocon group firms, which reportedly invested in Chanda’s husband’s company later on. A large portion of the loan still remains unpaid, and has been termed non-performing asset (NPA) by the bank.

Apart from Deepak Kochhar-promoted NuPower, the inspection has been ordered against Videocon Industries, Pacific Capital Services, Supreme Energy Pvt Ltd and Pinnacle Trust among others, sources said.

“The Registrar of Companies (RoC) is examining the books of accounts of these companies to check whether or not the funds were utilised for the purpose for which it was raised or the money was siphoned off,” sources said. The RoC is also likely to analyse if there are related party transactions, sources added.

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