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.
Videocon Petroleum has earned a temporary reprieve from termination of its contract for Ravva oil and gas field, by agreeing to pay $15 million as part payment for the profit petroleum due to the government.\n\n\n\n
Indian firms in fray for its and Anadarko's stakes ; Brazilian petro assets now Videocon's focus
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
Videocon Group on Thursday signed an agreement with AB Electrolux to acquire the Swedish company's entire 91.85 per cent stake in Electrolux Kelvinator Ltd. As per the deal, AB Electrolux will get about 5 per cent stake in Videocon Industries Ltd.
The operator is planning to turn aggressive in adding subscribers.
"The factories need consolidation and control as they operate independently with different human resource (HR) and logistic policies. The segmented operations cannot have power and focus on quality," K R Kim, vice-chairman and CEO (global operations), Videocon, who steered LG to market leadership in his earlier stint, told Business Standard.
NuPower will return loan with interest to consumer durables major by 2021
Videocon and Philips are gearing up to usher in a new regime with new models that can receive and broadcast TV signals without a set-top box, though a debate over the preparedness of cable operators to migrate to digitisation from July 1 continues to rage.
Consumer durables major Videocon and Kishore Biyani's Future group have entered into an agreement to source consumer durables.
In a bid to salvage the $730 million Daewoo acquisition deal, which hit rough waters after creditors to the ailing Korean electronics giant refused a demand for price cut, the Videocon-led consortium has started negotiations with a revised offer.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
The Videocon group plans to set up a multi-product special economic zone at Shendra in Aurangabad district of Maharashtra at an investment of Rs 6,600 crore (Rs 66 billion).
Consumer durables maker Electrolux Kelvinator Ltd will merge with Videocon Industries by next year, Electrolux managing director Anirudh Dhoot said on Tuesday.
The cut crystal trophy will be presented to the winner of the India-South Africa two-Test series.
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.
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.
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.
Bharat PetroResources, a wholly owned subsidiary of BPCL and Videocon Industries, holds 40 per cent of the block. Brazil's Petrobras holds the remaining 60 per cent.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
The 'V' in the new Videocon logo is composed of two animated green, lava-like shapes -- called Chouw and Mouw -- with distinct identities of their own. Chouw and Mouw are 'live' characters, and will be used through a series of short videos to tell simple stories. Both have certain personality traits, based on their physical attributes.
Videocon launched an app-powered air conditioner.
The company has purchased the rights to use the 1,800 MHz spectrum in 6 circles.
Chairman Venugopal's son, Anirudh, pushes premiumisation agenda with higher technology poducts such as LED TVs
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.
The new company would be named Videocon Aviation Limited and the parent firm would make an investment of Rs 100 crore (Rs 1 billion) in the Special Purpose Vehicle and rest of the funds would be generated from FIIs, public and foreign collaborators. Videocon had made a bid for the Delhi Airport as well, but it was rejected by the government as there was no airport operator in the consortium.
Videocon Industries on Tuesday said a well drilled to confirm an oil discovery in its Brazilian offshore block has struck 200 feet of high-quality hydrocarbon zone.
The regulator in its notice alleged violations of the code of conduct because Chanda Kochhar reportedly had not disclosed the conflict of interest arising out of business dealings among ICICI Bank, Videocon and NuPower Renewables, led by her husband, Deepak Kochhar.
Country's largest insurer LIC and four leading banks, including the IDBI Bank, may invest around Rs 161 crore (Rs 1.6 billion) in Videocon Industries to fuel its expansion programme.
Confirming the development, Chairman Venugopal Dhoot said, "We will use the CDMA technology for mobile services in the country."
Consumer electronics major Videocon on Monday said it is in talks with foreign entities for a 26 per cent stake sale in its telecom subsidiary Videocon Telecommunications and that a deal would fructify "very soon".
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.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
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