MUMBAI: The Mumbai office of the ministry of corporate affairs will soon submit its report on alleged irregularities found in the functioning of Deepak Kochhar owned NuPower Renewables (NRL) and VN Dhoot’s Videocon Industries , people aware of the development told ET. The agency found over a dozen violations under the Companies Act and is finalising its recommendations, the people said. However, Dhoot denied that there were any major irregularities. Kochhar and Dhoot are being investigated for a quid-pro-quo arrangement in connection with loans granted by ICICI Bank to Videocon. Kochhar’s wife Chanda Kochhar , was sacked as CEO and MD of ICICI Bank in January for failing to disclose any conflict of interest when the loans were sanctioned. “In certain cases, we have found irregularities pertaining to false disclosures regarding certain transactions. In some cases, financial irregularities were noted. These amount to prosecution action and we have recommended the same. The final decision is yet to be taken,” one person said. The probe was carried out under six heads, of which four have been completed and two are almost complete. “The final report with recommendations will be submitted soon to the head office to take a final call,” the person said. According to the person, irregularities were observed in the conduct of board meetings, while in some of the financial statements and annual reports submitted, the disclosures were inadequate or misleading. Some members of the board were suspected to be shadow directors, the person said. Dhoot said that only some minor, technical irregularities had been found. “They have not found any irregularity as regards to the Companies Act sections, which carries compulsory prosecution, so there is no question of prosecution,” Dhoot told ET in a text message. Messages sent to Kochhar didn’t yield any response as of press time. Meanwhile, the Enforcement Directorate , which is probing a case of money-laundering against the Kochhars and Dhoot, found that other than Chanda Kochhar, no other ICICI Bank employee benefited from the loans advanced to companies related to Videocon.