Venugopal Dhoot helped Deepak Kochhar get 95% share of NRL

The Central Bureau of Investigation (CBI) has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and in receiving ill-gotten money.

This was revealed after a special CBI court on Saturday remanded Chanda Kochhar and Deepak Kochhar to CBI custody till December 26. The CBI had arrested the couple on Friday in connection with their alleged role in the ICICI Bank-Videocon money laundering case. Venugopal Dhoot of Videocon Group is a co-accused in the case.

NRL was incorporated on December 24, 2008 with Deepak Kochhar, Venugopal Dhoot, and Saurabh Dhoot as the first directors of the company.

Venugopal Dhoot and Saurabh Dhoot resigned from the directorship of the company in 2009.

However, before resigning from the directorship, Venugopal Dhoot allotted 1997500 warrants to Deepak Kochhar at the rate of Rs 10 per warrant, on an initial payment of Re 1 per warrant.

In 2009, the shares of NRL held by Venugopal Dhoot (24996) and Deepak Kochhar’s group Pacific Capital Services Pvt. Ltd. (24999) were transferred to SEPL, which became 95 per cent shareholder of NRL.

Supreme Energy Pvt. Ltd. (SEPL) was incorporated in 2008 with Venugopal Dhoot (9990 shares) and his associate Vasant Kakade (10 shares) as its first directors. Venugopal Dhoot resigned from directorship of SEPL in 2009 and transferred the control of the said company to Deepak Kochhar by transferring his shares to Pinnacle Energy Trust (PET), which was managed by Deepak Kochhar.

(Atul Krishan can be approached at




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