New Delhi, May 28: The Enforcement Directorate in Mumbai had levied a penalty of Rs 14 crore on Videocon, along with six group companies and Venugopal Dhoot in May 2017, according to a leading economic daily on Monday.
It said the penalty was imposed following a reference from the Reserve Bank of India (RBI) which had examined these entities as part of a probe into conflict of interest allegations against ICICI CEO Chanda Kochhar in 2016. The ED penalty was on the grounds that these companies had violated foreign exchange laws, The Economic Times said.
An additional penalty of Rs 45 lakh was also imposed collectively on Venugopal Dhoot and on directors of Videocon and the six group companies, the paper said.
The order — passed by ED on May 26 last year revolved around loan disbursed and investments made by Videocon overseas company, Tusker Overaeas Inc.
Tusker Overseas Inc, based in the Cayman Island, was set up by six Videocon group companies on January 10, 2006. Subsequently, Tusker Overseas came under the scanner of the RBI for loans disbursed to it by ICICI’s overseas branches.
Tusker finds a significant mention in RBI’s 2016 report on allegations of quid pro quo with regard to extension of facilities by ICICI Bank to Videocon, The Economic Times report said. (IANS)