A review audit of debt-ridden Videocon Industries has indicated that there may be certain “questionable accounting entries and/or transactions” in the company before the initiation of insolvency proceedings when the company was managed by the promoter Dhoot family.
The Resolution professional of Videocon Industries has already filed an application with the NCLT to declare such transactions as “void and be set aside”, said a note filed by the company to bourses while updating financial results for four quarters.
This has come after an independent transaction review audit was conducted by the resolution professional of the company as required under the Insolvency and Bankruptcy Code for identification of preferential, undervalued, extortionate and fraudulent transactions.
