Videocon Insolvency: Surprising That Vedanta Group’s Bid Is Similar To Liquidation Value, NCLT Says
Thirteen companies of the Videocon group with presence in oil and gas, consumer electronics, home appliances, telecom, real estate now belong to
Vedanta Group’s Twin Star Technologies Ltd.
The Mumbai bench of the
National Company Law Tribunal has approved Twin Star’s resolution plan but has expressed its surprise at the value accepted by the creditors’ committee.
In its detailed order, the NCLT has noted that the registered valuers had arrived at a fair value of Rs 4,069 crore for the 13 companies. And the
liquidation value of Rs 2,568 crore. The consolidated resolution amount for the 13 companies stands at Rs 2,962 crore against the totaladmitted
claims of Rs 64,938 crore. That comes to 4.89%
Vedanta's chairman Anil Agarwal knows how to really shop! He paid less than 5 cents on the $. Bargain footpath sale price.
Not to mention he tried to screw the investors & take the Vedanta company private at ₹88/ share a year ago. (Now 267 or so)
In the mean time Vediocon chairman Dhoot is eiether in Jail or on bail. His infesors lost 95% of their investment.
The Bank that dealt with Dhoot ICCI ex MD & spouse are on bail (out of jail) .
Just another normal day in paradise.Nothing to see. Sensex climbed to all time high......
https://www.bloombergquint.com/law-...bid-is-similar-to-liquidation-value-nclt-says