The State Bank of India in January referred Videocon Industries to bankruptcy court after lenders were unable to resolve its loan by December 31.
After the infamous PNB scam, a WhatsApp message triggered alarm which stated that the debt laden firm Videocon's Group chairman Venugopal Dhoot left India.
However, Dhoot himself denied the reports and said he is in India and not planning to go anywhere.
"I am very much in India and have no intention to ever going out of the country….in fact, I am most comfortable here and have not stepped out of India since the last five years,” Dhoot told the Economic Times.
The State Bank of India in January referred Videocon Industries to bankruptcy court after lenders were unable to resolve its loan by December 31. A consortium of lenders have also decided to take to bankruptcy court all step-down subsidiaries of Videocon Industries in order to put in place a comprehensive resolution plan.
Meanwhile, Videocon Industries Ltd plans to raise as much as Rs 30,000 crore by selling its stakes in oil blocks in Brazil, as part of the debt-laden company’s plan to repay bank loans.
Videocon owns stakes in four major blocks in Brazil through an equal joint venture, IBV Brasil Petroleo Ltd, with Bharat Petroleum Corp. Ltd. Brazil’s national oil company, Petrobras SA, is the operator in three of the four blocks.
In 2015, Videocon Industries had entered into an alliance with a Bharat Petroleum Corp unit to form a joint venture called IBV Brasil Petroleo to manage oil assets in Brazil. Videocon and the BPCL unit own 20% stake each, while Brazil’s Petrobras hold the remaining 60%.
Videocon Industries is among the second list of 28 companies that the Reserve Bank of India had directed banks to refer to bankruptcy court as a debt resolution plan couldn’t be agreed by the end of December 2017. Videocon's have an exposure of over Rs 20,000 crore, of which SBI’s dues amount to Rs 3,900 crore.
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 "WhatsApp message about debt laden Videocon's Group chairman fleeing country raises alarm")
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