Videocon defers Q1 results citing consolidation of insolvency proceedings
Press Trust of India Videocon Industries said on Monday it is unable to publish its financial results for the quarter ended June 30 due to the ongoing consolidation of insolvency proceedings of it along with other 12 group firms.
In a regulatory filing, the company said filing of the quarterly results have been delayed due to the complexity involved in the consolidation of the corporate insolvency resolution process (CIRP) of the 13 group companies as directed by the National Company Law Tribunal (NCLT).
The NCLT had approved the appointment of Mahendra Khandelwal as the Resolution Professional. The control of the management and operations of the 13 entities stands vested, the filing said.
