icici bank loan fraud: cbi files charge sheet against chanda kochhar, husband deepak kochhar and venugopal dhoot
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At present, the court has not taken cognizance of the matter.
420 IPC read with Section 120-B and Section 7 of IPC on 22.1.2019 against Videocon International Electronics Ltd. Videocon Industries Ltd., Venugopal Nandlal Dhoot, Chanda Kochhar, Deepak Virendra Kochhar, NuPower Renewables Ltd., Supreme Energy Pvt. Ltd. and unknown public servants A case was registered for the first time under Section 13(1)(d) of the PC Act read with Section 13(2) w.e.f.
On August 26, 2009, a Sanctioning Committee headed by Chanda Kochhar, MD, suspended Videocon International Electronics Limited (VIEL) along with the co-accused persons in violation of the Bank’s rules and policies for dishonestly performing their official duties as public servants. Sanctioned a term loan of Rs 300 crore in criminal conspiracy by misusing it.
The loan was disbursed on September 7, 2009 and on the next date, September 8, 2009, Dhoot, (MD Videocon Group) through his company Supreme Energy Private Limited (SEPL) sold NRL managed by Deepak Kochhar to Videocon Industries Limited. Transferred Rs.
NRL was incorporated on 24 December 2008. Dhoot and his relative Saurabh Dhoot resigned as directors of NRL on 15 January 2009. Before resigning, VN Dhoot allotted 1997500 warrants (convertible into equity) to Deepak Kochhar.
On June 5, 2009, the shares of NRL held by VN Dhoot and Deepak Kochhar were transferred to Supreme Energy Private Limited (SEPL). SEPL was commissioned on July 3, 2008 by V.N. Dhoot and his associate Vasant Kakde were included as its directors. Dhoot resigned as director of SEPL on January 15, 2009 and transferred his shares to Pinnacle Energy Trust managed by Deepak Kochhar.
Between June 2009 and October 2011, ICICI Bank sanctioned term loans of Rs 1,875 crore to six Videocon group companies with a view to enable them to repay unsecured loans taken by these companies from Videocon Industries Limited. All these loans were sanctioned after Chanda Kochhar took over as MD and CEO of ICICI Bank.
Out of the six loans, Chanda Kochhar was one of the committee members in two loans i.e. RTL of Rs.300 crore to VIL and RTL of Rs.750 crore to VIL. ICICI Bank debited the accounts of Sky Appliances Limited and Techno Electronic Limited without any justification. The security available in the form of FDR of Rs.50 crore was also released. On April 26, 2012, the existing outstanding of six RTL accounts was adjusted against RTL of Rs.1730 crore sanctioned to RTL under refinance of home loan. VIL’s account was declared NPA on June 30, 2017.
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