4,300 Number of companies taken to NCLT for loan default
In the second week of March, Venugopal Dhoot, 69, who built India’s first homegrown consumer durables company, Videocon Industries Ltd (VIL), looked distraught while walking out of a PMLA (Prevention of Money Laundering Act) court in Mumbai. The court granted him bail but asked him to surrender his passport.
Dhoot, whose personal wealth was $1 billion-plus in 2015, has lost all major businesses — consumer durables, telecom, oil exploration — to insolvency. In August 2019, the National Company Law Tribunal (NCLT) consolidated resolution processes for all 13 group companies, which had total admitted claims of ₹64,838 crore. In October 2020, the Dhoot family offered lenders ₹30,000 crore to withdraw the insolvency proceedings. But the creditors decided to sell the assets to a Vedanta group company, Twin Star Technologies, for ₹2,962 crore, taking a haircut of over 95 per cent. However, the National Company Law Appellate Tribunal (NCLAT) stayed the bid.
Dhoot is among the hundreds of Indian businessmen who have lost their companies after the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. The code replaced complex corporate insolvency laws and mandated strict resolution timelines. Lenders have so far taken over 4,300 companies to NCLT for loan default.
هذه القصة مأخوذة من طبعة August 08, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 08, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
