Lenders seek to scrap sale of Videocon

Lenders, Videocon, Twin Star Technologies, creditors, NCLT, Bank of Maharashtra

Mumbai: Vedanta’s winning bid to acquire Videocon’s assets through its company Twin Star Technologies is likely to fall through with lenders approaching the National Company Law Appellate Tribunal seeking fresh bids for the firm.

In an unusual turn of events, the committee of creditors has decided to go back on their earlier approval for a bid after their acceptance turned controversial because it was very close to the liquidation value. Even as the NCLT, approved the proposal it had castigated lenders for the deal because of which the applicant was paying `next to nothing’. The court was also surprised that Twin Star’s valuation of the 13 companies of the Videocon group was almost identical to the registered valuers.

The deal was stalled after the

Bank of Maharashtra

, a dissenting creditor approached the NCLAT against the deal. In a parallel development, the government through the Ministry of Corporate Affairs had moved the National Company Law Tribunal to act against Videocon under Section 241-242 of the Companies Act. Following this petition, the tribunal has directed the Indian Banks Association, depositories and the Income Tax Authorities to freeze all assets of promoters and senior management of Videocon group.

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