In medium pan, combine 1 1/2 c milk and pudding mix. cook as directed on package Add chocolate chips and stir until melted. set aside.
Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 10 inch Bundt pan or tube pan.
In large bowl, combine sugar, butter and shortening. Beat till light and fluffy. Add vanilla and eggs. Mix well.
Add flour, 1/2 c cocoa, baking powder, salt, and 1 cup milk to bowl. Beat at low speed until moistened. Beat 3 minutes at medium speed. Stir in walnuts.
Reserve 2 cups of the batter. Pour remaining batter into greased and floured pan. Spoon filling in ring on top of batter, making sure it does not touch sides of pan. Spoon reserved batter over filling.
Bake at 350 F (175 degrees C) for 50 to 60 minutes or until cake springs back when touched lightly in center. Cool 1 hour in pan, then turn out onto a wire rack and cool completely.
In small bowl, combine confectioners sugar and 1/4 cup cocoa. Add enough milk for desired drizzling consistency. Spoon over top of cake, allowing some to run down sides.
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