Videocon bankrupt: Bids invited for debt-ridden firm under insolvency resolution process

Agencies
September 27, 2018

New Delhi: The resolution professional of debt-ridden Videocon Industries on Tuesday invited bids from prospective buyers to take control of the firm, which has interest ranging from consumer electronics to oil and gas.

The corporate insolvency resolution process (CIRP) of Videocon Industries Ltd (VIL), which has debt of around Rs 20,000 crore, was commenced under the Insolvency and Bankruptcy Code (IBC) following an order by the NCLT Mumbai on 6 June 2018.

In a public announcement, VIL Resolution Professional (RP) Anuj Jain said insolvency resolution process in respect of 11 group companies of VIL has also commenced and for other four other entities, order is expected to be passed by the NCLT shortly.

In the beginning of this year, the country's largest lender State Bank of India (SBI) had filed separate insolvency proceedings against Videocon Industries and Videocon Telecommunications Ltd.

As per the criteria listed out by the RP, corporates, individuals or consortium of investors must have a minimum consolidated net worth of Rs 2,000 crore at group level in the immediately preceding financial years, and turnover of Rs 1,000 crore at group level during any one of the three immediately preceding financial years.

For financial institutions, PE funds, asset reconstruction companies, NBFCs, other financial investors, including consortium of investors, minimum asset under management must be Rs 2,000 crore in the immediately preceding financial year or committed funds available for deployment/ investment of at least Rs 2,000 crore as on 31 March 2018.

It would be mandatory for prospective resolution applicants to submit their bid before 5 October 2018, Jain said in the announcement.

The RP also said prospective bidders must have evidence to showcase experience in the running of large industrial businesses, preferably consumer electronics, and/or oil and gas during any three of the preceding financial years.

The bidders must also have the ability to turnaround large industrial business preferably consumer electronics business either directly or through joint venture.

In its heydays, Videocon was known for its consumer durables business. It then diversified into oil and gas, DTH and telecom sectors, with the latter two ventures proving to be unsuccessful.

The company then sold off its DTH business to Dish TV and telecom business to Airtel.

The Videocon Group is under investigation for alleged quid-pro-quo over Rs 3,250 crore loan by ICICI bank to it in 2012. The bank had also ordered an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in bank's MD and CEO Chanda Kochhar's role.

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News Network
March 16,2020

New Delhi, Mar 16: A total of 110 cases of coronavirus, including 17 foreign nationals have been confirmed across India, Union Ministry of Health and Family Welfare said on Sunday.

The maximum positive cases have been reported from Maharashtra (32), followed by Kerala (22).

The total number of passengers screened at airports is 12,76,046, the ministry said.

The World Health Organisation (WHO) has declared that Europe has become the new 'epicentre' of the coronavirus pandemic that has infected more than 15 lakh people with over 6,000 deaths globally.

The virus had first emerged in China's Wuhan city in December last year.

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News Network
April 17,2020

New Delhi, Apr 17: A total of 3,336 Indians tested positive for coronavirus in 53 countries while 25 others died of the infection, government sources said on Thursday.

They said the Indians stranded abroad will have to be patient as the government is not evacuating them as part of a larger policy decision to check the spread of the coronavirus in the country.

"They need to be patient and stay where they are. Our missions have been told to extend all possible help to the stranded Indians," said a source.

According to the sources, evacuation of around 35,000 foreign nationals from 48 countries has been facilitated so far from India.

The sources said the majority of Indians who tested positive for the coronavirus infection are living in the Gulf region. A sizeable number of Indians staying in France and the US have also tested positive.

They said that Indian missions in the Gulf region have been told to extend all possible assistance to the Indians in distress.

Around eight million Indians are living in the Gulf countries and there has been growing anxiety among them over their livelihood in view of the pandemic as it has majorly impacted the oil-driven economy of the region.

Almost all Gulf countries have taken a series of drastic measures including imposing total lockdown, travel restrictions and even closing borders to stem the spread of the coronavirus infection.

The United Arab Emirates has already warned of possible action against countries refusing to allow their citizens to return.

Around 3.3 million Indians are living in the UAE and they constitute roughly 30 per cent of the country's population. Among the Indian states, Kerala is the most represented followed by Tamil Nadu and Andhra Pradesh.

A large number of Indians are working in the construction sector in Qatar which is hosting the FIFA World Cup in 2022.

As a matter of policy, India has decided not to bring back the stranded Indians from abroad till the nationwide lockdown ends.

The issue of Indians in Gulf region figured prominently during Prime Minister Narendra Modi's video conference with heads of Indian missions abroad on March 30.

Welfare of Indians in the Gulf was the major focus area in the discussions Modi had with leaders of countries in the region over the last few weeks, officials said.

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News Network
March 26,2020

Panaji, Mar 26: Three persons, all with travel history abroad, tested positive for coronavirus in Goa on Wednesday, health department officials said, as the tourist haven joined the states which have reported COVID-19 cases.

This is the first time the tourist state has reported coronavirus positive cases.

The Directorate of Health Services, in a late night press statement here, said three suspected cases of COVID-19 from Goa, whose test results were awaited, have turned out positive.

All three are male patients of ages 25, 29 and 55 years. They have travel history of returning to Goa from Spain, Australia and the USA, respectively, the officials said.

The condition of the trio, admitted in Goa Medical College and Hospital near here, is stable, the officials added.

Chief Minister Pramod Sawant said the state is providing the best healthcare facility to the diagnosed patients.

I have been informed by the state Directorate of Health services that three individuals have been tested positive for #COVID19 in Goa.

"We are providing the best healthcare facility to the diagnosed patients, he said.

Their condition is stable at present. e have also traced their contacts and are quarantining them, Sawant added.

Health Minister Vishwajit Rane said the government is taking all precautions and following guidelines related to the viral infection.

In view of the three positive coronavirus cases in Goa, we are following all guidelines laid down by the central government and taking all precautions with the support of chief minister Pramod Sawant, he said.

Our testing facility will be up and running in the next two days. Our team of doctors is doing its est to make sure we contain the spread of virus in the state, Rane added.

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