Vedanta Group-linked firm’s bid to acquire Videocon Industries cleared by NCLT
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies Limited, a Vedanta Group company, to acquire the bankrupt Videocon Industries.
The Committee of Creditors of Videocon had approved the plan last year with 95.09 per cent votes. The plan was then filed with the NCLT for its approval on December 15, 2020.
“NCLT has pronounced the order on June 8, 2021 approving the resolution plan for the consolidated corporate debtors, including the company, under Section 31 of the Code (Approval Order),” Videocon Industries said in a regulatory filing.
As per the resolution plan, the equity shares of the company would be delisted. Twin Star will pay Rs 3,000 crore and another Rs 500 crore cash lying with the company will also be given to the banks.
Latest Business News
Read original article here
Denial of responsibility! Toysmatrix is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
[ad_2]
Originally Appeared Here
