The NCLT has approved billionaire Anil Agarwal’s Twin Star Technologies’ bid to take over Videocon Industries for Rs 3,000 crore.
Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time.
A two-member Mumbai bench of the NCLT comprising members H P Chaturvedi and Ravikumar Duraisamy approved the resolution plan.
According to sources, the order was orally pronounced by the National Company Law Tribunal (NCLT) into the courtroom and a detailed copy of the judgement is awaited. Videocon Industries also confirmed the development through a regulatory filing made on the stock exchanges on Tuesday.
