INSUBCONTINENT EXCLUSIVE:
The taxman had earlier sought details from Deepak Kochhar in his capacity as MD of NuPower RenewablesNew Delhi: The Income Tax Department
has issued a fresh notice to Deepak Kochhar, the husband of ICICI Bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe
with links to the ICICI Bank-Videocon loan case, officials said.They said the fresh notice to Deepak Kochhar had been issued in his
individual capacity and it sought details of his personal finances and transactions.He has been asked to furnish the documents within 10
days, they said.The department had sought details from him in his capacity as the managing director (MD) of NuPower Renewables, the firm
under the department's scanner, twice earlier.The tax department is specifically looking into the flow of about Rs 325 crore from two
Mauritius-based firms to NuPower Renewables Private Ltd.The two foreign-based firms have been identified as First Land Holding Limited and
DH Renewables Holding Limited.The department had also sought the share valuation report for investment in NuPower Renewables, apart from
copies of balance sheets and profits.The taxman is now studying the nature of activities of NuPower Renewables between 2010-11 and
2015-16.The earlier notices were issued to Deepak Kochhar under Section 131 (power regarding discovery, production of evidence) of the I-T
Act.The department has also sought the names and addresses, nationality of the promoters, directors and beneficial shareholders of these
firms as part of the earlier two notices, the officials had said.The department had also sent a detailed questionnaire, seeking details of
the firm's operations, to be answered by Deepak Kochhar as it is probing the investments made by the two Mauritius-based firms in his
company with suspected links to the Videocon-ICICI Bank loan case.The CBI is already conducting a preliminary enquiry in this loan case and
has named Kochhar in it.The CBI probe is to find out if there was any quid pro quo involved in the bank issuing a Rs 3,250-crore loan to the
Videocon Group in 2012.The loan deal had recently made news after reports questioned it and linked it to a possible quid pro quo that
Videocon Group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochhar.
