After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
Ranjan was nominated to the board of ICICI Bank on April 7
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
Dhoot Entertainment Network of the Rs 6,000-crore (Rs 60 billion) Videocon group has entered into an agreement with an Australian firm for launching 24-hour TV business channel - Money TV - in the country.
The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan.
Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly. In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
Keep some cash in hand for tackling last-minute hurdles.
The Videocon group has expressed interest in buying telecom giant Motorola's struggling mobile handset business, which is being split into a separate company. "We have hired one of the world's top three investment bankers who will convey our interest to buy out the mobile handset business of the US company," Group Chairman Venugopal Dhoot told Business Standard.
Diversified business group Videocon on Friday said it has obtained licence to start its Direct-To-Home (DTH) services and expects to launch it by mid-September.
The CBI later clarified that Rajiv Kochhar was only called for questioning and has not been apprehended yet.
As the president of Assocham, Dhoot has asked Confederation of Indian Industry and Ficci to join him in requesting the prime minister to reconsider the move to ban states from acquiring land.
Consumer durables major Videocon Industries has acquired Planet M, the music and entertainment retail arm of media house Bennett, Coleman & Co, for Rs 200 crore. The acquisition has been done by NEXT, Videocon's retail chain for consumer electronics and home appliances. Videocon Chairman V N Dhoot said Planet M, which has a huge brand equity, fits in well with the group's retail ambitions. Dhoot said the group plans an over six-fold increase in Planet M's turnover.
Even as 59 Rajya Sabha seats will be up for re-election in April, at least two industrialists are likely to get re-elected for another six years -- Vijay Mallya and Rajkumar Dhoot.
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 Videocon group will directly acquire land from the farmers with the West Bengal government assistance for its special economic zones in the state.
Videocon Group on Monday said it was considering setting up a new manufacturing unit for consumer durables in Dubai.
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.
'I am not surprised that hubris brought Chanda Kochhar down. It would appear that as a person she thought she could do no wrong and as a leader she considered herself above what her company demanded of others in terms of financial probity and honesty. That, my friends, is NOT a good way for a leader to feel,' says S Muraleedharan, former managing director, BNP Paribas.
Applicants have also in the past expressed fear about higher capital requirements, stringent priority sector lending norms and rules on promoter shareholding as key deterrents.
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
Finance Minister P Chidambaram announced the Union Budget 2013-14 in Parliament on Thursday.
CEAMA will include the proposal in its pre-budget memorandum to the government.
Sales of refrigerators were higher this year versus last year.
It plans to offer 4G data with voice at rates 15-25 per cent lower than those of its competitors just as it has done with its TV sets. Many say it might be a recipe for disaster.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
Diesel should be sold at market-driven prices, which the Indian automobile industry is demanding for long, only for the luxury players.
Expressing dissatisfaction over the RBI decision to keep interest rates unchanged, India Inc today said rate cuts were needed to make the industry invest more and drive economic growth.
The Central Bureau of Investigation on Wednesday conducted raids on the premises of two independent members of Legislative Assembly and the relatives of several other legislators in connection with allegations of horse-trading that had led to countermanding of the March 30 Rajya Sabha elections in Jharkhand.
The operator is planning to turn aggressive in adding subscribers.
The G-20 leaders at the ongoing summit in Mexico should refrain from coming out with 'one-size-fits-all' kind of a remedy for the global economy which is facing difficult times, Assocham President Rajkumar Dhoot said on Tuesday.
Videocon starts race, says will bid in eight circles, expects 5-MHz spectrum to go for Rs 20,000 crore
"The economy is going through a very difficult patch and business confidence has plummeted. New investments have slowed down," Assocham President Rajkumar Dhoot said during his interaction with RBI Governor D Subbarao ahead of the central bank's monetary policy review scheduled on April 17.
At a time when headline inflation has been moderating, most were expecting the central bank to take a firmer stance on growth.
The group is among the 40 largest defaulters identified by the Reserve Bank's first list for insolvency in late 2016.
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Amid the top 20 states, Kerala is the only state which witnessed a surge in the proposed investments at 10 per cent with two projects worth over Rs 14,200 crore (Rs 142 billion).
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
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