Offices of India's Videocon, NuPower Renewables raided - CBI source

Videocon Industries (India)

24/01/2019 08:43

MUMBAI, Jan 24 (Reuters) - India's federal investigating
agency raided four locations owned by Videocon Industries
 VEDI.NS  and NuPower Renewables, a source from the Central
Bureau of Investigation (CBI) said on Thursday.
    It was the latest development in a controversy over
allegations that former ICICI Bank CEO Chanda Kochhar had
favored Videocon, a consumer electronics and energy exploration
firm, in the bank's lending practices. Kochhar resigned from the
bank last October.  urn:newsml:reuters.com:*:nL4N1WK239
    Videocon's founders had an investment in a renewable energy
company founded by Kochhar's husband, Deepak Kochhar.
    Television channels reported on Thursday that the CBI had
filed a formal complaint against Venugopal Dhoot, chairman of
Videocon, and Deepak Kochhar, co-founder of NuPower Renewables.
    Shares in ICICI Bank  ICBK.NS  fell as much as 1.5 percent
after the news.

 (Reporting by Nidhi Verma and Swati Bhat; editing by Darren
Schuettler)
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