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Chanda Kochhar's brother-in-law's firm advised ICICI borrowers, says report

Chanda Kochhar's brother-in-law's firm advised ICICI borrowers, says report

Chanda Kochhar's brother-in-law's firm advised ICICI borrowers, says report
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By CNBC-TV18 Apr 3, 2018 2:56:29 PM IST (Updated)

Chanda Kochhar's brother-in-law is involved in a $1.7 billion debt of foreign currency-denominated restructure deals of seven companies, The Indian Express reported.

Chanda Kochhar's brother-in-law was involved in deals to restructure foreign currency-denominated debt, worth over $1.7 billion, of seven companies over the last six years, The Indian Express reported.

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Avista Advisory, a Singapore-based firm founded by Rajiv Kochhar, received the above-mentioned mandate, according to the paper.
Kochhar's brother-in-law's firm was required to restructure the debts in six years. The companies, the paper points, are borrowers of ICICI Bank, putting Chanda Kochhar, Managing Director of the bank, in yet another case.
The paper pointed that ICICI Bank has led lenders in at at least one of the deals.
The disclosures by the Singapore-based firm, accessed by the paper, said that the firm acted as an advisor in restructuring debt of Jaiprakash Associates, Jaiprakash Power Ventures, GTL Infrastructure, Suzlon, JSL and Videocon Group.
The ICICI Bank and Videocon loan case has been the talk of the town lately.
News reports suggested that Deepak Kochhar, husband of Chanda Kochhar, who set up Videocon group in December 2008 along with Venugopal Dhoot, said two of Chanda Kochhar's relatives lent Rs 64-crore loan to the firm through a fully owned entity. This was believed to be before he transferred the latter’s ownership to a trust headed by her husband.
The reports raised questions of conflict of interest as the transfer of the company to Deepak Kochchar happened six months after the Videocon Group got a loan of Rs 3,250 crore from ICICI Bank.
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