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. 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 being questioned about the role of Kochhar's brother Rajiv and his Singapore-based company Avista Advisory in the restructuring of loan. PUNGLIA’S ROLEThe 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

Source: dna April 12, 2018 23:37 UTC