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
February 14,2020

Feb 14: R K Pachauri, a former chief of The Energy and Resources Institute, passed away on Thursday after a prolonged cardiac ailment, TERI Director General Ajay Mathur said.

He was 79.

"It is with immense sadness that we announce the passing away of R K Pachauri, the founder Director of TERI. The entire TERI family stands with the family of Dr Pachauri in this hour of grief," Mathur said in a statement issued by the TERI.

"TERI is what it is because of Dr Pachauri's untiring perseverance. He played a pivotal role in growing this institution, and making it a premier global organisation in the sustainability space," said Mathur, who succeeded Pachauri at TERI in 2015. Pachauri was admitted to Escorts Heart Institute in the national capital where he underwent open heart surgery and was put on life support on Tuesday, sources said.

In the statement issued by TERI, its Chairman Nitin Desai hailed Pachauri's contribution to global sustainable development as "unparalleled".

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News Network
April 5,2020

Thiruvananthapuram, April 5: Kerala Health Minister KK Shailaja on Sunday said that the state's preparations for containment of COVID-19 were satisfactory and added that PCR tests were going on in nine laboratories, in which upwards of eight thousand samples have been tested so far.

"Our strategy for the containment of COVID-19 is satisfactory. We are yielding good results from our strategy for tracing, isolation, testing & treatment. PCR test is going on in 9 laboratories. We have tested more than 8000 samples so far," Shailaja told ANI here.

She further said that the state government wanted to implement Rapid test in Kerala and added that they had ample PPEs and N95 masks.

"We want to implement Rapid Test in Kerala. Yesterday, we got 2000 kits; Right now, we have sufficient PPEs and N95 masks. If the number of COVID19 cases increases in the coming weeks then we will need more equipment," Shailaja said.

Keeping up with the need of the hour, the new administrative block of Kasaragod Medical College will soon be converted into a COVID-19 hospital for providing better treatment facilities to the coronavirus patients.

A team constituting 26 doctors and medical staff of the Government Medical College, Thiruvananthapuram will join the efforts of converting the new administrative block into a COVID-19 Hospital in Kasaragod on Sunday.

The total number of COVID-19 positive cases rose to 3,374 in India on Sunday, as per the data provided by the Ministry of Health and Family Welfare.

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News Network
May 11,2020

New Delhi, May 11: Former prime minister Manmohan Singh is stable and under observation at the AIIMS here after suffering reaction to a new medication and developing fever, hospital sources said on Monday.

The 87-year-old Congress leader was admitted to the hospital on Sunday evening after he complained of uneasiness. He has now been shifted out of the ICU.

The sources said that Singh had developed a reaction to a new medication and further investigation is being carried on him to rule out other causes of fever.

"Dr Manmohan Singh was admitted for observation and investigation after he developed a febrile reaction to a new medication," the sources said.

"He is being investigated to rule out other causes of fever and is being provided care as needed. He is stable and under care of a team of doctors at the Cardiothoracic Centre of AIIMS," they said.

"All his parameters are fine. He is under observation at the AIIMS," a source close to him has said.

Singh, a senior leader of the opposition Congress, is currently a Member of Rajya Sabha from Rajasthan. He was the prime minister between 2004 and 2014.

In 2009, Singh underwent a successful coronary bypass surgery at the AIIMS. A number of leaders expressed have expressed concern over his health and wished him a speedy recovery.

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