This penalty has been imposed for violation of market rules regarding spot transactions related to the shares of the company. Sebi said that three promoters of Videocon have been fined Rs 1 lakh each.
Markets regulator SEBI has issued a notification to Videocon Industries Ltd. (Videocon Industries Ltd) has imposed a fine on 11 companies, including three promoters. This penalty has been imposed for violation of market rules regarding spot transactions related to the shares of the company. The Securities and Exchange Board of India (Sebi) said that three promoters of Videocon have been fined Rs 1 lakh each.
Electroparts (India) Pvt Ltd, Videocon Realty & Infrastructure Ltd. (Videocon Realty And Infrastructures Ltd) and Roshi Appliances Pvt Ltd and another company P-Square Financial Consultancy Pvt Ltd. (P-Square Financial Consultancy Pvt Ltd) has also been fined one lakh each.
These 7 companies were also fined
In its order issued on August 6, SEBI said that in addition to 7 companies AQT Merchants Private Limited, Coastal Fertilizers Limited, Richhold Properties Private Limited, Kaberi Goods Private Limited, Invorex Vincom Private Limited, Akanksha Commodities Private Limited and Godavari Commercial Services Private Limited, Also imposed a fine of Rs 1 lakh each.
Let us tell you that Venugopal Dhoot, the former promoter of Videocon Group, has moved the NCLAT against the acquisition bid of Anil Agarwal’s Twin Star Technologies for the group. . Earlier, the National Company Law Tribunal (NCLT) had approved the acquisition bid of Rs 2,962 crore by Anil Agarwal’s Twin Star Technologies for 13 companies of the debt-ridden Videocon Group.
Videocon owes Rs 63,500 crore
According to disclosures related to the bankruptcy case on the company’s website, Videocon’s debt in 2019 was more than Rs 63,500 crore. Out of this, Rs 57,400 crore was outstanding on more than three dozen banks and other financial creditors. Videocon owes Rs 10,944 crore to the country’s largest bank SBI, IDBI Bank Rs 9,504 crore, Central Bank Rs 4,969 crore, ICICI Bank Rs 3,295 crore and Union Bank Rs 2,515 crore.
Vedanta has shown interest in Videocon group companies as it holds a 25 per cent stake in the Rawa oil field. After this acquisition, Vedanta will have 47.5 per cent stake in the Rawa oil field. With this, it will become a bigger shareholder than ONGC’s 40 per cent stake. ONGC holds 40 per cent stake in Rava oil.
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