Companies

Videocon defers Q1 results citing consolidation of insolvency proceedings

PTI New Delhi | Updated on August 19, 2019 Published on August 19, 2019

File photo   -  Paul Noronha

Videocon Industries said on Monday it is unable to publish its financial results for the quarter ended June 30 due to the ongoing consolidation of insolvency proceedings of it along with other 12 group firms.

In a regulatory filing, the company said filing of the quarterly results have been delayed due to the complexity involved in the consolidation of the corporate insolvency resolution process (CIRP) of the 13 group companies as directed by the National Company Law Tribunal (NCLT).

The NCLT had approved the appointment of Mahendra Khandelwal as the Resolution Professional. The control of the management and operations of the 13 entities stands vested, the filing said.

Khandelwal is in the process of taking over the CIRP of all the 13 group companies, it added.

The company has not yet announced the annual audited financial results for FY19 as well as the results for Q4 FY19, it added.

On August 8, NCLT Mumbai had given the nod to consolidate the insolvency proceedings of the 13 entities of the group, including Videocon Industries and Videocon Telecommunications.

Published on August 19, 2019
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