General Announcement::Approval of the resolution plan by the Adjudicating Authority

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
08-Jun-2021 23:30:48
Status
New
Announcement Sub Title
Approval of the resolution plan by the Adjudicating Authority
Announcement Reference
SG210608OTHRXNI3
Submitted By (Co./ Ind. Name)
Samridhi Kumari
Designation
Compliance Officer
Description (Please provide a detailed description of the event in the box below)
This is in furtherance to our earlier disclosure dated December 16, 2020 whereby an intimation was provided that pursuant to the e-voting conducted in the 19th meeting of the committee of creditors (the CoC ) of the Company and Consolidated Corporate Debtors in CIRP, held on November 11, 2020, of which voting process concluded on December 11, 2020 at 8 P.M (IST), the CoC approved the resolution plan submitted by Twin Star Technologies Limited (the Resolution Plan ), by passing the requisite resolution with 95.09% majority/voting share in accordance with the provisions of Section 30(4) of the Insolvency and Bankruptcy Code, 2016 (the Code ). The said Resolution Plan, as approved by the CoC, had been filed with the NCLT in accordance with the Section 30(6) of the Code for its approval on December 15, 2020.

This is to further intimate you that Hon ble NCLT has pronounced the order on June 08, 2021 approving the Resolution Plan for the Consolidated Corporate Debtors including the Company, under Section 31 of the Code ( Approval Order ).

Kindly note that the Approval Order has not yet been published and is currently awaited. Upon the Approval Order being made available by the Hon ble NCLT, appropriate disclosures as may be required under Regulation 30, Regulation 37(7) and the salient features of the resolution plan as required under item 16 (k) of Para A of Part A of Schedule III of the Listing Regulations shall be submitted by the Company. Further, please note that in terms of the Resolution Plan, the equity shares of the Company are proposed to be delisted. Accordingly, the appropriate disclosures in terms of Regulation 3(3) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, shall also be submitted upon receipt of the copy of the Approval Order by the NCLT approving the Resolution Plan.

The above is for your information and record and is subject to publication of Approval Order on NCLT website.

Attachments

Intimation_SE_Approval_Resolution Plan_Singapore.pdf
Total size =424K