The Income Tax department has questioned Matix Group Chairman Nishant Kanodia in connection with NuPower Renewables, a leading daily reported.
NuPower Renewables is a company promoted by Deepak Kochhar, husband of ICICI Bank’s CEO Chanda Kochhar. Nishant Kanodia is the son-in-law of Essar Group’s Ravi Ruia and owns the Mauritius-based Firstland Holdings that invested Rs 325 crore in NuPower between 2010 and 2012.
“We are probing this investment that was routed through Mauritius. What is the source of the funds, why did Firstland Holdings exit NuPower soon after and whether this has connections with any Essat Group company,” a tax official told The Hindustan Times. Read More