This issue is entirely dedicated to exposing financial frauds committed by private companies. The Kochhars saga has been divided into three parts. In Part-1, we have established the fact that Mahesh Chandra Punglia is one of the Name Lenders being used by Venugopal Dhoot for his clandestine operations. Deepak Kochhar’s claim that Rs 64 crore loan in his company (Supreme Energy) has come from Mr Punglia and not from Dhoot, is false. We have seen the balance sheets of all of Mr Punglia’s companies and no such loans could be seen there.

In Part-2, we have shown how NuPower Technologies Pvt Ltd also has dubious deals. Mr Kochhar had agreed to sell it to A-One Parts & Services Pvt Ltd (a company owned by Ruia’s nephew) for Rs 116.20 crore, but the entire stake was transferred in March 2016 on payment of just Rs 1 crore advance. Even after 26 months, no further money was paid, but the ownership continues to be with A-One. On the top of it, NuPower Renewables (NRPL) is investing huge money in NuPower Technologies by way of FCDs. And, these NCDs finally land into the hands of A-One, without making any payment.

In the part-3, the current status of all the NuPower group companies has been traced. It shows how Rs 397 crore of CCPS was squared off and 54.99 per cent stake was given to DH Renewables, valuing NRPL at Rs 722 crore. Compared to this, Mr Kochhar got 43.31 per cent stake of NRPL for just Rs 73 crore (Rs 9 cr + Rs 64 cr by Supreme Energy). And, no one knows who is the owner of DH Renewables.

In this issue, we have also covered unique method developed by L&T to escape its obligation to repay banks for the loans its troubled subsidiaries road construction companies have taken. Also, can be seen Naresh Goyal’s modus operandi for siphoning away money from Jet Airways through his other personally controlled companies.