While Dish TV would look to enhance penetration in south India, where Videocon d2h has a strong presence, the latter would look to do the same in east India, he said.
Debt-ridden Videocon Group today approached the principal bench of NCLT requesting it to direct all insolvency case, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together.
The officials said Punglia was examined over allegations in the preliminary enquiry related to the ICICI-Videocon loan case
Mahesh Chandra Punglia was examined as part of the preliminary investigation the CBI has opened in the case, a source said.
The CBI is probing whether ICICI Bank mandated Singapore-based Avista Advisory Group founded by Rajiv to restructure foreign currency denominated debt deals worth over $ 1.5 billion of seven companies.
A Firstpost story had alleged that the bank had sanctioned a Rs 650 crore loan against the collateral of Videocon Group company Evans Fraser.
They said the notice has been issued to Deepak Kochhar under section 131 (power regarding discovery, production of evidence) of the I-T Act and he has been asked to furnish details of his personal finances, Income Tax Returns (ITRs) for the last few years and business transactions with the firm NuPower Renewables.
Evans Fraser & Company India Limited that received a Rs 650 crore loan from ICICI Bank, had net sales of just Rs 75 crore in 2011 and a net profit of Rs 94 lakh, according to Registrar of Companies data
The second largest mutual fund by AUM-HDFC Mutual Fund held 2.80 per cent stake in ICICI Bank as on Feb-end
CBI, however, maintains that it’s not an interrogation, but that Kochhar will only be examined to understand the loan procedure along with probing the benefits her husband allegedly drew out of the transaction.
Agency officials said they are also studying relevant documents of the transaction.
This is a blog on the story of ICICI Bank's conflict of interest in giving a loan to Videocon Group.
The ICICI Bank Board in a press release has put its weight behind Chanda Kochhar. The board has noted that the bank has a well-structured and standarised credit approval process.
On loans to Videocon Group, the Board says no individual employee, whatever may be his or her position, has the ability to influence the credit decision at the bank
Videocon promoters will most likely cancel the licensing agreement they have with Philips and the will withdraw from their agreement with Electrolux, the Sweden-based company.
The top Sensex gainers were Videocon which jumped 5 percent followed by INOX Leisure, Vakrangee and Religare, each adding over 3 percent. IFCI added 2.8 percent in the morning trade.
Nifty PSU bank was the other outperforming sector which added 0.6 percent as stocks like IDBI Bank rallied 1.81 percent followed by PNB which gained 0.9 percent. Bank of Baroda and SBI were the other top gainers.
High net worth individuals are showing a lot of interest in trading the shares of stressed companies on anticipation that these firms have some intrinsic value left in them.
The company WILL be taking further steps for effecting the said merger and accordingly, the companies involved in the scheme will be file the relevant intimations/E-Forms with the Registrar of Companies, the corporate affairs ministry and other regulatory forums on or about December 27, which will be the effective date for the Scheme, Dish TV India said in a regulatory filing.
Bankers are struggling to find out-of-court resolutions and will soon move involvency courts by this year end to file cases worth over Rs 1.5 lakh crore
In a BSE filing, Videocon Industries said 1.06 crore shares or 3.19 per cent stake in company, pledged by promoter group entities Videocon Realty and Infrastructures Ltd, TekCare India India Pvt Ltd, Solitaire Appliances Pvt Ltd, Electroparts (India) Pvt Ltd were invoked.
The report said that Everstone will enter into an exclusivity agreement with Videocon’s promoters. Everstone has submitted Rs 1,300-crore bid for the company
The Reserve Bank of India has sent the second list of over 40 large corporate defaulters that include Videocon, JP Associates, IVRCL and Visa Steel, among others, to be referred to the National Company Law Tribunal (NCLT), reports CNBC-TV18 quoting sources.
Rathi, was earlier national head for the group's consumer durable sales across India. He has also worked with LG Electronics and Electrolux.
Ashwani Gujral of ashwanigujral.com recommends buying Titan Company, BEML and Voltas.