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MCA probes NuPower, 5 other cos linked to ICICI Bank's Chanda Kochhar case

New Delhi: The Ministry of Corporate Affairs has started inspection of NuPower Renewables and five other companies linked to the ICICI Bank controversy, Union Minister P P Chaudhary said on Wednesday.

Multiple agencies are probing the alleged lapses involving ICICI Bank's MD and CEO Chanda Kochhar and her family members. The lender is also carrying out an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers. Chaudhary said the ministry ordered inspection under Section 206(5) of the Companies Act, 2013 on April 23, 2018 with respect to six companies linked to the ICICI Bank controversy. The inspection is with regard to "six companies, including the company namely NuPower Renewables Pvt Ltd and the matter is under progress," he said in an interview.

The minister of state for corporate affairs also said the Regional Director (Western Region) under the ministry is carrying out the inspection.

Section 206 provides powers to call for information, inspect books and conduct inquiries.

According to Section 206 (5), the central government may, if it is satisfied that the circumstances so warrant, direct inspection of books and papers of a company by an inspector appointed by it for the purpose.

Last week, a senior ministry official had said that affairs of ICICI Bank are not being looked into, as that is completely under the purview of the RBI.

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