Videocon Group’s lenders have appealed to the National Company Law Appellate Tribunal (NCLAR) to allow them to reconsider Twin Star Technologies’ bid for the debt-ridden conglomerate. Earlier Twin Star Technologies had emerged as the winning bidder for acquisitions for 13 Videocon group companies.
Solicitor General Tushar Mehta, appearing for the Committee of Lenders (CoC), requested the NCLAT to restore the old position during the hearing. He said that the status of December 11, 2020 should be restored for the lenders. On December 11, the CoC had completed the voting process and approved the resolution plan of Twin Star. Due to paucity of time, now the Appellate Tribunal will hear the matter next on October 28 and 29.
Let us inform that NCLAT has stayed the bid of Rs 2,962.02 crore by industrialist Anil Agarwal’s company Twin Star Technologies for the acquisition of debt-ridden Videocon Industries.
Videocon owes Rs 63,500 crore
According to the disclosure related to the bankruptcy case on the company’s website, in 2019, Videocon’s debt was more than Rs 63,500 crore. Out of this, Rs 57,400 crore was outstanding on more than three dozen banks and other financial creditors.
Videocon owes Rs 10,944 crore to the country’s largest bank SBI, IDBI Bank Rs 9,504 crore, Central Bank Rs 4,969 crore, ICICI Bank Rs 3,295 crore and Union Bank Rs 2,515 crore.
Vedanta has shown interest in Videocon Group companies as it holds a 25 per cent stake in the Rawa oil field. After this acquisition, Vedanta will have 47.5 per cent stake in Rawa oil field. With this, it will become a bigger shareholder than ONGC’s 40 per cent stake. ONGC holds 40 per cent stake in Rava oil.
Videocon was started in 1986
Let us tell you that Videocon Industries was started in September 1986. After this it became the first company in India to get a license to manufacture color TVs. In the year 1990, the company expanded its portfolio and started manufacturing ACs, Washing Machines and Refrigerators.
In the year 2020, the group forayed into Oil & Gas, Telecom, Retail and DTH TV. The company borrowed for these projects and the interest burden on it increased. In 2016, the group tried to divest the business and sold Videocon d2h to Dish TV.
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