Videocon Chairman Venugopal Dhoot today has rubbished all reports that claim he has fled from the country to avoid scrutiny from bankers over Rs 20,000-crore debt owed by his various firm. Apparently, a WhatsApps message about Dhoot fleeing the country made people in the government circle go on a panic mode. However, it was soon laid to rest, when it was found out that Dhoot is in the country.
Reportedly, Videocon Industries is among the second list of 28 companies that the Reserve Bank of India had directed banks to refer to bankruptcy court as a debt resolution plan couldn’t be agreed by the end of December 2017. Its lenders have an exposure of over Rs 20,000 crore, of which SBI’s dues amount to Rs 3,900 crore.
There are also media reports stating that Videocon is looking to sell off stakes in Brazilian oil blocks to raise Rs 30,000 crore to repay loans. As per reports, The Group has an overall Rs 43,100-crore debt, of which Rs 21,000 crore is foreign debt secured against the company’s oil and gas fields in Brazil and Indonesia worth $12 billion (Rs 78,000 crore). On Thursday, post the news came about Dhoot missing from the country, Videocon shares slipped more than 3 percent on the Bombay Stock Exchange.
(The above story first appeared on LatestLY on Mar 09, 2018 05:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).