The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
Thomson holds 10 per cent stake in Videocon Industries through global depository receipts listed on the Luxembourg Stock Exchange. Thomson had acquired 13.5 per cent in Videocon in 2005 for Rs 1,250 crore (Rs 12.5 billion) of which 10 per cent was locked in for three years.
Videocon Industries Chairman and Managing Director Venugopal Dhoot told Business Standard the company had already started production of PCs -- 3,000 a month -- at its Taratola facility in Kolkata.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
Dhoot stated that Value Industries has not withdrawn the application and has only sought clarifications from RBI on certain issues.
Consumer durables maker Electrolux Kelvinator Ltd will merge with Videocon Industries by next year, Electrolux managing director Anirudh Dhoot said on Tuesday.
Videocon Industries will merge Petrocon India with itself and the valuation of shares and exchange ratio would be five shares of the company for every two shares held in Petrocon India Ltd.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
A delayed monsoon and soaring temperatures across the country are added near-term positives.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
The reason is the resilience rural markets now have to a deficient rainfall.
In the debate whether spectrum was over- priced or not, the focus seems to have shifted from Videocon's telecom gamble.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
The RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
The consortium has identified a high-value, high-risk prospect at the site.
Interestingly, in March 2018, the same board of ICICI Bank had given a clean chit to Kochhar with full-backing and had said there was no question of favouritism, nepotism or conflicts of interest on her part in granting loans to Videocon Industries or any other company.
Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.
At a time when headline inflation has been moderating, most were expecting the central bank to take a firmer stance on growth.
Before the pandemic hit the world and led to shutdowns, the company had received nearly half a dozen offers. But bidders are now withdrawing. They want to reassess the situation. They want to conserve cash and avoid acquisition.
It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.
HPCL, Bharat PetroResources Ltd -- a unit of state-owned Bharat Petroleum Corporation, Gujarat State Petroleum Corporation and Videocon Industries each have 14 per cent interest in the block.
Videocon Industries surged 6.3%, Blue Star rose 6% and Titan Industries rallied 3.5% by close of trade on Friday.
Consumer durables major Videocon Industries' subsidiary Datacom Solutions, which has received telecom licences to begin pan-India operations, is planning to commence network rollout starting August 15 and services by year-end, becoming one of the first newcomers to launch operations.
A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
Consumer durables major Videocon Industries has firmed up its telecom plans and is making an initial investment of Rs 6,000 crore for rolling out GSM services, notwithstanding spectrum and legal issues besieging the sector. The services will be launched through its subsidiary, Datacom Solutions, by May. In case of a delay in spectrum allocation, the company may opt for taking spectrum on lease.
Consumer electronics major Videocon Industries has decided to diversify into generation and supply of power and mining of minerals, including coal.
Real estate major DLF, Mukesh Ambani-promoted Reliance Industries, cinema production and distribution company Eros International, Reliance Anil Dhirubhai Ambani Group and Videocon Industries are believed to be readying to bid for team ownership rights in the Indian Premier League.
In a communiqu to the Bombay Stock Exchange, the Rs 700-crore company said the Registrar of Companies, Maharashtra, approved the name change.
In the third acquisition in 10 months, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for about $2.5 billion.
Datacom Solutions, promoted by consumer electronic goods maker Videocon Industries, is close to roping in South African telecom major MTN group as a partner for its GSM foray in the country. According to sources, Datacom, which was scouting for a partner to bring in investments and technology, has short-listed MTN. Discussions with the South African company are in the final stage and a deal is expected to be signed soon.
Consumer durables firm Videocon Industries is looking at renewing talks to acquire the ailing Korean electronics giant Daewoo Electronics.
In an attempt to tap the growing market for lifestyle products, the Videocon group plans to come out with laptop computers, mobile phones and gaming solutions by the last quarter of 2008.
Videocon Industries, the oil-to-consumer durables company, has joined the race for the acquisition of the London-based Burren Energy, which recently rejected several approaches including one worth $3.5 billion (Rs 14,000 crore) from the Italian major ENI.
Consumer durables major Videocon on Thursday said it would pull off advertisements featuring Indian skipper Rahul Dravid and stumper Mahendra Singh Dhoni to save damage to the brand in the face of India's disappointing show at the cricket World Cup.
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