MUMBAI: Videocon Group “had no serious intention to recover” Rs 64 crore that it had transferred to Kochhar group of companies, according to an investigation report of the corporate affairs ministry (MCA) that is unravelling the complex maze of firms floated by the two groups.
The probe report accessed by ET also stated that Kochhars’ NuPower Renewables utilised the said amount in March 2010 towards its purchase of wind energy generators from Shriram Transport Finance Company (STFCL) and Shriram City Union Finance (SCUFL) for approximately Rs 73 crore.
MCA is also probing if NuPower also received Rs 325 crore from Firstland Holdings, owned by businessman Nishant Kanodia, it said.
