Power News We love to talk!
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.
The tax department has sought details of the individuals behind First Land Holding and DH Renewables Holding, which invested Rs 325 crore and Rs 67 crore, respectively, in NuPower though compulsory convertible preference shares in tranches. “They have given response to some queries and those are being examined… However, they have sought more time to respond to queries related to investment from Mauritius,” an income tax official told ET. The company sought time until April 13, he said.
Kochhar, husband of ICICI Bank CEO Chanda Kochhar, is facing investigations by multiple agencies over allegations of a quid pro quo involving a Rs 3,250-crore loan by the lender to Venugopal Dhoot’s Videocon Group. Dhoot and Deepak Kochhar set up NuPower Renewables as a joint venture.
Nature of Business
Dhoot gave funds to the company and subsequently transferred his stake in it to Kochhar. The income tax department had issued summons to Deepak Kochhar and NuPower Renewables under Section 131 of the Income Tax Act on April 3. Apart from details regarding the funds received from the Mauritius-based entities, the department also wanted financial information from 2010-11 to 2015-16.
These included details of incorporation, board resolutions approving investments, minutes of board meetings, email exchanges and changes in shareholding patters. Kochhar has also been asked to explain the nature of business conducted by First Land and DH Renewables and how he happened to come in touch with them. Besides this, he has to provide transcripts of communications between the Indian and Mauritian entities and agreements with them for fund infusion as also share valuation reports.
The foreign tax and tax research unit will soon write to Mauritius authorities to seek details about the two entities based there, their beneficiaries and the source of investments in them, officials said.
- PM Narendra Modi to lay foundation stone for India's biggest power plant, 8000 MW Patratu Thermal Read more
- Phelan Energy in talks to acquire 200MW of solar power projects in India Read more
- Cairn Energy tax dispute: I-T dept orders recovery of Rs. 10,247 cr Read more
- If India meets renewables target, no more coal power needed till 2027 Read more
- Delhi HC tells govt to clarify on fixed charge component on electricity Read more
- Cairn takes Indian authorities to court over $3.3 bn tax demand Read more
- RIL-BP in race for Mumbai LNG terminal Read more
- Madhya Pradesh government gives nod to 750 MW solar power station Read more
- Legal breather for Cairn India Read more
- Coal India may consider price hike if unable to contain operational costs Read more