Add description for your ACompany- Videocon
Case- Videocon & ICICI Bank case.
This case is about the loan sanctioned by ICICI Bank to Videocon Group. The case rotates around a loan given by ICICI Bank to the Videocon Group as a part of a State Bank of India led consortium in 2012 and the change in ownership in a firm called Nu power Renewables pvt ltd. Which was a joint venture of Venugopal promoter of Videocon and Chanda Kochhar husband Deepak Kochhar.
Venugopal Dhoot , Founder and chairman of Videocon group has applied in 20 banks for the loan and he collected around 40,000 from these banks And ICICI has sanction 3250 crore out of 40,000 crores in 2012. And in 2017 ICICI Bank declared 2810 crore out of 3250 crore as NPA i.e Non performing asset.
This case came into light in 2016 when an investor who has invested money in both Videocon groups and ICICI Bank raised a question via blog and also wrote a letter to Prime Minister Mr. Narendra Modi about the loan irregularity in ICICI bank. He suspected that CEO Chanda Kochhar is favouring Venugopal Dhoot in exchange for a contract with Nu power Renewables and Supreme Energy , a renewable energy business own by her husband Deepak Kochhar. but his complain accumulates no attention.
Nu Power was founded by Deepak Kochhar and Venugopal Dhoot in 2008. 50% stock held by each. In 2012 the Nu power was sold by Venugopal Dhoot to Deepak Kochhar for only 9 lakhs. Venugopal Dhoot also helped Deepak Kocchar financially many times.
This case came in spotlight again in 2018 when another informant complaints against the bank and its top administrative, including Chanda Kochhar about delay in recognizing hinderence in loan account somewhere in the range of 2008 to 2016.
On 31st March 2018, CBI filled an initial enquiry and also questioned Deepak Kochhar and his brother Rajiv Kochhar. The Enforcement Directorate filled its first chargesheet against Chanda Kochhar, husband Deepak Kochhar and promoter of Videocon Group Venugopal Dhoot
It slapped money Loundering charges against the Kochhar’s for illegal sanctioning of loan worth Rs 1875 crore to Videocon Group of Companies. On January 30 the court has summoned all the accused including former ICICI Bank CEO Chanda Kochhar, her Husband Deepak Kochhar and Mr. Venugopal Dhoot to be present in court.
A special court in March 2020 granted bail to Videocon Group promoter Venugopal Dhoot on a cash bond of Rs 5 lakh in the ICICI-Videocon money laundering case.
Name: Vandana Maurya
Roll no. M2157
rticle from here.