ICICI Bank-Videocon loan controversy: Corporate affairs ministry summons Chanda Kochhar's husband, Deepak

New Delhi: As the inspection progresses into six companies linked to ICICI Bank controversy, the Corporate Affairs Ministry will question Deepak Kochhar, husband of the bank’s chief Chanda Kochhar, later this month, a senior official said. Deepak Kochhar 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 companies whose books are being inspected by the ministry. [caption id=“attachment_4491189” align=“alignleft” width=“380”] A file photo of Chanda Kochhar, CEO and MD, ICICI Bank. Reuters[/caption] On 23 April, the ministry ordered an inspection of “books and papers” of six companies linked to the ICICI Bank loan controversy. They are NuPower Renewables Pvt Ltd, Supreme Energy Pvt Ltd, Pacific Capital Services Pvt Ltd, Videocon Industries Ltd, NuPower Wind Farms Ltd and EchandaUrja Pvt Ltd. A senior ministry official said that Deepak Kochhar 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, Minister of State for Corporate Affairs P P Chaudhary said the inspections into these six companies were “under progress”. Chanda Kochhar 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.