SBI can’t sell Video­con’s over­seas oil & gas assets

The Times of India (New Delhi edition) - - Times Global -

Mum­bai: The Na­tional Com­pany Law Tri­bunal (NCLT) has asked SBI not to go ahead with its plans to sell over­seas oil & gas assets of Video­con In­dus­tries in its bid to re­cover dues from the bank­rupt group. Ask­ing for main­tain­ing the sta­tus quo, the NCLT said if SBI is al­lowed to ex­e­cute the sale as ad­ver­tised, Video­con Group may suf­fer ir­repara­ble losses if the tri­bunal in fu­ture takes a view that the assets in ques­tion belong to the group.

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

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