The much touted $730 million acquisition of Daewoo Electronics by Videocon-led consortium could fizzle out if creditors to the ailing Korean company reject a price cut demand by the proposed buyers.
The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay high court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the Kochhars' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
Diversified business group Videocon on Thursday said it aims to become one of the top three mobile handset manufacturers in the country this year.
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.
The group is making a foray into the telecom space even as it closes in on Daewoo Electronics.
According to research firm Gartner, the budget tablet category is expected to reach 182 million end-user devices by end of 2013, it said.
The Central Bureau of Investigation (CBI) on Wednesday told a special court here that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to the prosecution (against Kochhar), accepting that there seemed to be quid pro-quo.
The office of the assistant labour commissioner in Bharuch had received an anonymous application from workers of the Videocon plant alleging that they were being forced to tender resignations.
Videocon Telecom, the operator of mobile phone services in four circles, on Thursday announced a special tariff voucher offering a 50 per cent cut in outgoing roaming call rates.
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.
Market regulator Sebi has sought clarifications from the merchant banker of Videocon D2H Ltd, the satellite television arm of Videocon Group, regarding the company's proposed Rs 700 crore (Rs 7 billion) initial public offer (IPO).
Videocon chairman and managing director Venugopal Dhoot refused to confirm industry reports that the deal was inked on Tuesday morning, citing a non-disclosure agreement signed between the two parties a few days ago in Mumbai.\n\n
The Videocon group will directly acquire land from the farmers with the West Bengal government assistance for its special economic zones in the state.
The notice, under provisions of the Foreign Exchange Management Act, has been issued by the Mumbai office of the agency after its probe found that the group has 'contravened' the law as it failed to comply with Reserve Bank of India norms by not declaring funds generated by some wholly owned subsidiaries the group had raised overseas few years back, according to ED sources.
The Videocon Industries-led consortium has submitted a revised bid to the creditors of Daewoo Electronics for buying their stake in the South Korean electronics major.
The Videocon group would set up a BPO unit at Salt Lake, Kolkata, employing 25,000 people, its chairman Venugopal Dhoot said on Thursday.
TRAI removed network interconnection charges.
Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players.
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.
The government has rejected Videocon's bid for modernisation of Delhi and Mumbai airports, Civil Aviation Minister Praful Patel said.
The appliance maker seeks to buy Motorola's ailing cell-phone division to complement its telecom business; critics say it's not a good fit
Videocon plans a foray into the direct to home business. The company has applied for the DTH licence and is expected to start services by next year, government sources said.
Videocon Industries is eyeing oil fields in Sudan and Yemen and is considering investing in the development and exploration of oil in India and in the Middle East.
Diversified business house Videocon Group is making an ambitious foray into the direct-to-home services with plans to garner one crore (10 million) subscribers in the next six years.
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.
We are serious about setting up a bank and use the parent branding that is a household name in India, says Venugopal Dhoot.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
The company, which has filed its documents with the market regulator, Securities and Exchange Board of India, is also looking to raise up to Rs 50 crore (Rs 500 million) by pre-IPO placement of up to 10 million shares.
Videocon will set up an LCD manufacturing unit at Shenzen, China, at an investment of 1.5 billion dollars, to tap the Chinese market as well as exporting to other countries.
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India.
Videocon group has signed an agreement with West Bengal government to set up a steel plant and a power project in the state with total investment of about Rs 15,000 crore.Videocon, which already has interests in oil and gas, plans to establish a three million tonne steel plant and a 1,200 MW thermal power project in Asansol-Durgapur area in Burdwan district.
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