The Income Tax department has questioned Matix Group Chairman Nishant Kanodia in connection with NuPower Renewables, a leading daily reported.
The multi-agency investigation into NuPower Renewables appears to have widened further with the focus now shifting to another subsidiary, NuPower Technologies, a leading national daily reported on Monday.
The Essar Group has denied it has any links with the Deepak Kochhar-promoted NuPower Renewables, the Mauritius-based DH Renewables or First Land Holdings.
The Rs 398-crore investment by Mauritius-based DH Renewables in Deepak Kochhar’s NuPower Renewables for a 55% stake appears to have been made at a valuation that was generous relative to its financials, based on an examination of Ministry of Corporate Affairs (MCA) records.
Deepak Kochhar’s company NuPower Renewables has sought more time to explain its Mauritius connections, having failed to meet the April 10 deadline for answers demanded by the income tax department.
Deepak Kochhar, promoter of NuPower and husband of ICICI Bank MD & CEO Chanda Kochhar, denied media reports quoting him as saying that inviting Videocon chairman Venugopal Dhoot to join NuPower’s board was a mistake.
A clutch of 17 companies from auto parts maker Motherson Sumi to Zuari Cement and several Tamil Nadu based firms — including Hatsun Agro, CavinKare, Dhandapani Cements and TRIL Infopark — together owned about 29% stake in a subsidiary of Deepak Kochhar’s NuPower Renewables as of March 31, 2017, according to data available with the Registrar of Companies (RoC).