Overseas assets of Videocon not to be sold: NCLT

Mumbai: The National Company Law Tribunal (NCLT) has asked SBI not go ahead with its plans to sell the overseas oil & gas assets of Videocon Industries in its bid to recover some of their dues from the bankrupt group.

Asking for maintaining the status quo, the NCLT said if SBI is allowed to execute the sale as advertised, the Videocon Group may suffer an irreparable losses if this tribunal in future takes a view that the assets in question belong to or owned by the group.

These subsidiaries are special purpose vehicles (SPVs) specifically incorporated by Venugopal Dhoot for holding foreign oil and gas assets for and on behalf of the group, the tribunal said in its order dated September 7.

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