Anil Agarwal’s Rs 3,000 crore bid for Videocon given approval by NCLT

Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time.

Published: 09th June 2021 02:51 AM  |   Last Updated: 09th June 2021 09:04 AM   |  A+A A-

Court Hammer, judgement, order, Gavel

Representational Image. (File Photo)

By Express News Service

NEW DELHI:  The NCLT on Tuesday approved billionaire Anil Agarwal’s Twin Star Technologies’ bid to take over Videocon Industries for Rs 3,000 crore.

Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time.

A two-member Mumbai bench of the NCLT comprising members H P Chaturvedi and Ravikumar Duraisamy approved the resolution plan.

Confirming the development, According to news agencies, the order was orally pronounced by the National Company Law Tribunal (NCLT) into courtroom and a detailed copy of the judgement is awaited. Videocon Industries also confirmed the development through a regulatory filing made on the stock exchanges on Tuesday. 

Now we are on Telegram too. Follow us for updates
India Matters

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

Gallery