General Announcement::Intimation of consolidation of CIRP of 13 Videocon Group Companies and change in RP.

Issuer & Securities

Issuer/ Manager
VIDEOCON INDUSTRIES LIMITED
Securities
VIDEOCON US$75.2M 2.8%CB201231 - XS1334578017 - 38UB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
23-Aug-2019 21:37:12
Status
New
Announcement Sub Title
Intimation of consolidation of CIRP of 13 Videocon Group Companies and change in RP.
Announcement Reference
SG190823OTHRE15M
Submitted By (Co./ Ind. Name)
Videocon Industries Limited
Designation
Company Secretary
Effective Date and Time of the event
08/08/2019 17:00:00
Description (Please provide a detailed description of the event in the box below)
Videocon Industries Limited, ("Company") is undergoing Corporate Insolvency Resolution Process ("CIRP") under the provisions of The Insolvency Bankruptcy Code, 2016 ("IBC") in term of order dated 6th June, 2018 passed by Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT"), pursuant to an application filed by the State Bank of India under Section 7 of IBC. We would like to inform that the Hon'ble NCLT, vide its order dated 08th August, 2019 ("Order") has admitted the petition for consolidation of the CIRP of 13 Videocon group entities. Further, the Hon'ble NCLT approved the appointment of Mr. Mahender Khandelwal (Registration No. IBBI/IPA-001/IP-P00033/2016-2017/10086) as Resolution Professional (RP) and, accordingly, he has taken over the CIRP of the 13 Videocon group companies. In view of the above and in terms of the provisions of the Insolvency and Bankruptcy Code, 2016 (the "Code"), the powers of the Board of Directors of the Company remains suspended and the control of the management and operation which was earlier vested with Mr. Anuj Jain (IP Registration No. IBBI/IPA- 001 /IP-P00142/2017-18/10306) shall stand vested with Mr. Mahender Khandelwal.
We are enclosing herewith a copy of the order dated 08th August, 2019 passed by the Hon' ble National Company Law Tribunal, Mumbai Bench for your information and record.

Attachments

Intimation_RP Consolidation_Singapore.pdf
Total size =163K