Chanda Kochhar, managing director and chief executive officer of ICICI Bank Ltd., attends the Annual Bankers’ Conference in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Deepak Kochhar Says Chanda Kochhar Didn’t Know About His Venture With Videocon’s Dhoot: Report

Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts

Deepak Kocchar said his wife and ICICI Bank Ltd. Chief Executive Officer Chanda Kochhar, who is facing allegations of nepotism, didn’t know of his venture with Venugopal Dhoot whose Videocon Group defaulted on loans from the lender, India Today reported.

Inviting Dhoot into NuPower Renewables was one of his biggest mistakes, the report quoted Deepak Kocchar as saying in an interview. He added that his wife didn't know anything about the venture till Dhoot decided that he was exiting the company. Kocchar told India Today that about 22 days after setting up NuPower, Dhoot decided to leave the company as he had other interests in oil and telecom.

He and his wife have not been approached by any of the investigative agencies for questioning yet, he said in the report.

The Central Bureau of Investigation launched a probe into the Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012, and the role of Deepak Kochhar. That was after an investor in ICICI Bank raised concerns about the transactions between the Videocon Group and NuPower Renewables. The whistleblower suggested that there may have been quid pro quo involved.

Also Read: NuPower Renewables: A Rs 210 Crore Firm Cost ICICI Bank Shareholders Rs 27,000 Crore

Deepak Kocchar, according to the report, said there is no conflict of interest. ICICI Bank has dealings with most top corporate firms in India and it wouldn't be fair on him that he cannot do business with any of those firms, India Today quoted him as saying.

BloombergQuint
Stay Updated With Business News News On BloombergQuint
Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts