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Two more questioned in ICICI Bank's role in Videocon loan

The NuPower director was also asked about the help he extended to Videocon in securing the loan from the ICICI Bank, which was part of a Rs 400 billion credit given by a consortium of 20 banks

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The Central Bureau of Investigation (CBI) on Thursday questioned two directors of NuPower Renewables in connection with a Rs 32.5 billion loan to the Videocon Group in 2012. To that end, the agency has questioned Mahesh Chandra Punglia and Umanath Vainkut Nayak at its headquarters in New Delhi. Earlier, the agency had examined Punglia for three days in Mumbai.

The CBI had registered a preliminary inquiry against Deepak Kochhar, Videocon Group officials and others to probe into irregularities in the sanction of loan to the Group by the ICICI Bank as part of the consortium of banks in 2012.

Punglia is a former employee and close aide of Videocon Group chief Venugopal Dhoot, and later worked in a consultant's capacity. Punglia is also a director in NuPower Renewables — the company formed by ICICI Bank Chief Executive Chanda Kochhar's husband Deepak Kochhar and Dhoot in December 2008.

Punglia is being questioned about the role of Kochhar's brother Rajiv and his Singapore-based company Avista Advisory in the restructuring of loan. The NuPower director was also asked about the help he extended to Videocon in securing the loan from the ICICI Bank, which was part of a Rs 400 billion credit given by a consortium of 20 banks, led by the State Bank of India, to the Videocon Group.

PUNGLIA’S ROLE

The NuPower director was also asked about the help he extended to Videocon in securing the loan from the ICICI Bank, which was part of a Rs 400 billion credit given by a consortium of 20 banks

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