NCLT orders freeze on accounts, assets of Videocon group

The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday ordered the Videocon group’s bank accounts frozen and properties attached following a petition by the ministry of corporate affairs.

In an order issued late in the evening, the tribunal has asked the promoter, Venugopal Dhoot, to disclose the moveable and immovable properties and bank accounts belonging to the group in India and abroad. The court has also directed the Central Depository Services Ltd (CSDL), National Securities Depository Ltd (NSDL), Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) among others to name the Videocon assets under their watch and for them to be frozen with immediate effect in order to be used for recovery of dues.