Venugopal Dhoot who is accused in the ICICI Bank Loan fraud is the 61st Richest person in India. According to Forbes list, in 2015 his wealth was $1.19 billion. Venugopal starts his career under the guidance of His father, Nandlal Madhavlal Dhoot, was an industrialist who made his earlier fortune in the sugarcane and cotton industry. Nandlal Dhoot was the founder of Videocon Corporation and other businesses ventures such as Videocon Electronics. The company’s breakthrough came when it received one of India’s first licenses to manufacture colour televisions. In December 2008, Videocon Group owner Venugopal Dhoot teamed up with the ICICI bank CEO and MD Chanda Kochhar’s husband Deepak Kochhar and his two relatives. In which both the suits were valued at Rs 3,250 crore. Chanda Kochhar has been accused of giving a loan of 3250 crores. However, 86 percent of this loan i.e. approximately 2810 crores was declared by the bank in 2017.
The company of 65 crores sold in 9 lacs, then this company was given a loan of 64 crores. Venugopal Dhoot was the loan provider. Later, the ownership of the company was handed over to the trust of Rs 9 lakh, whose command was in the hands of Chandra Kochhar’s husband Deepak Kochar. The most surprising in the whole case is that Deepak Kochhar was transferred to the company Venugopal by the ICICI Bank after six months of getting a loan of Rs. 3250 crores to Videocon Group.
Videocon Industries, once one of the legendary company, had the debt burden from 2012. The debt on the company was steadily increasing. Because, after the 2G scam, the Supreme Court has cancelled the license of Videocon Telecom. Because of that, he had to shut down business in 16 circles of the country. Videocon suffered a loss of 7060 crores at that time. This was the year when ICIC Bank provided a loan of 3250 crores. Now the question arises that when the asset quality of the company was so poor then how it was loaned.
Videocon Industries reached the debt level of Rs 45, 000 crore in the year 2016. The company considers the financial year from January to December. In the year 2016, the company had a loss of 1368 crores. Due to the high debt during the year, the company’s finance cost was at Rs 2426 crores.
According to senior analyst Arun Kejriwal, a loan is available only on the basis of asset quality of any company. There are many companies in the stock market, which have debt, but their asset quality is good. It is a mistake of banks to lend credit to the companies with poor asset quality. According to the rules, it is important to see the company’s credit rating.
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