SFIO searches premises of Videocon Group cos

Following a authorities order, the SFIO carried out a three-day search operation at premises linked to the Videocon Group in a minimum of 5 cities, together with Delhi, Gurgaon, Mumbai, Aurangabad and Ahmednagar from July 13-15.
The authorities ordered a Serious Fraud Investigation Office (SFIO) investigation into the Videocon Group following the observations made by the National Company Law Tribunal (NCLT) in its June 8 order whereas approving a decision plan for 13 corporations of the group the place banks took a haircut of 95.85 per cent from their complete claims of Rs 62,000 crore.
Sources mentioned a minimum of 80 officers from the Registrar of Companies (RoC) had been additionally roped in to conduct the searches. The SFIO additionally searched the house of Videocon promoter Venugopal Dhoot.
Sources mentioned the SFIO seized digital knowledge, books of accounts and servers of the businesses of the group. The company has additionally searched the decision skilled appointed for the insolvency strategy of Videocon Industries Ltd and 12 different group corporations.

The NCLT, in its June order, had raised considerations over the confidentiality of the liquidation worth of the belongings of the Videocon Group corporations throughout the insolvency course of because the profitable bid of Rs 2,962 crore of Twin Star Technologies, a Vedanta Group firm, was remarkably near the businesses’ liquidation worth of Rs 2,568 crore which is required to be stored confidential.