- In an order issued late within the night, the tribunal has requested the promoter, Venugopal Dhoot, to reveal the moveable and immovable properties and financial institution accounts belonging to the group in India and overseas.
By Gopika Gopakumar, Mumbai
PUBLISHED ON SEP 01, 2021 07:15 AM IST
The Mumbai bench of the Nationwide Firm Legislation Tribunal (NCLT) on Tuesday ordered the Videocon group’s financial institution accounts frozen and properties hooked up following a petition by the ministry of company affairs.
In an order issued late within the night, the tribunal has requested the promoter, Venugopal Dhoot, to reveal the moveable and immovable properties and financial institution accounts belonging to the group in India and overseas. The courtroom has additionally directed the Central Depository Companies Ltd (CSDL), Nationwide Securities Depository Ltd (NSDL), Central Board of Direct Taxes (CBDT), Reserve Financial institution of India (RBI) and Indian Banks’ Affiliation (IBA) amongst others to call the Videocon property underneath their watch and for them to be frozen with instant impact with a purpose to be used for restoration of dues.
The ministry had approached the Mumbai bench in opposition to Venugopal Dhoot and different former administrators and senior officers of Videocon Industries Ltd underneath Part 241 and 242 of the Firms Act that offers with oppression and mismanagement within the firm.
The courtroom famous that the reserves and surpluses of Videocon Industries, as declared within the monetary statements in 2014, stood at ₹10,028.09 crore and for fiscal yr 2019 at ₹2,972.73 crore, displaying a steep fall in simply 5 years. Throughout the identical interval secured loans rose from ₹20,149.23 crore to ₹28,586.87 crore.
“The Bench is shocked with the style through which the monetary establishment has come ahead to grant loans to a sinking ship and once more come ahead to file a petition underneath Part 7 of the IBC and once more helps this petition. This definitely raises the eyebrows of the widespread man within the public,” learn the order.
The order stated that transaction audit studies additionally reveal fraudulent transactions by the promoters.
The newest order by the NCLT has put additional roadblocks on the potential transaction between Anil Agarwal-backed Twin Star Applied sciences and VIL.
Shut