By means of PTI
NEW DELHI: Beginning with a circle of relatives, which had a dealership of Bajaj Auto’s scooters, to changing into the landlord of a family title in client home equipment who may come up with the money for to have Bollywood celebrity Shah Rukh Khan as the logo ambassador, Venugopal Dhoot’s is a tale of an competitive small the city businessman’s pursuit to be at the most sensible.
Now arrested in reference to the ICICI Financial institution mortgage fraud case, Venugopal Dhoot all the way through his heydays was once no longer the only to easily sit down on small achievements like Videocon changing into the biggest tv set producer in India.
The eldest son of overdue Nandlal Madhavlal Dhoot, who based the Videocon Team in 1984, Venugopal was once in large part accountable for riding the conglomerate to diversify into more than a few verticals, reminiscent of oil and gasoline, actual property and retail, past its a success client electronics and residential home equipment trade.
Dhoot, the safari-suited businessman, was once born into an agricultural circle of relatives in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain industry.
In 1982, when the general public broadcaster Doordarshan started transmitting color tv programmes in India, it opened a brand new phase.
Right here the Dhoot circle of relatives attempted their good fortune within the uncharted territory of producing typical tube-based color TV units.
Dhoot who had an engineering stage from the College of Pune activate to Japan for a 12 months to be skilled at electronics corporations.
In 1986, he based Videocon Global, which geared toward production 1,00,000 TV units a 12 months. It entered into technical collaboration with the Eastern primary Toshiba and from right here there was once no taking a look again. From color TV units, Videcon within the Nineteen Nineties expanded into different verticals, reminiscent of fridges, washing machines, air conditioners, house leisure methods and different small home equipment.
It driven fresh competitors like Mirc Digital (Onida), Salora, Weston and many others with inexpensive pricing.
Its TV fashions like Bazooka and Bazoomba have been the marketplace’s favourites within the early 90s.
After having luck in its client electronics and residential home equipment trade, Dhoot expanded Videocon Industries into different spaces, reminiscent of Oil & Gasoline, mobile services and products and others.
On the other hand, Dhoot’s downfall began when it entered into the mobile carrier house with Videocon Telecommunications. It will release business services and products most effective in 11 out of the 18 circles it held licences.
In 2012, after the 2G spectrum case, the Preferrred Court docket cancelled 122 licences issued via the central executive in 2008, 21 licences belonged to Videocon. Within the 2012 spectrum public sale, Videocon received again licences in 6 circles however offered to the marketplace chief Bharti Airtel and close down operations.
Additionally, within the overdue 90s South Korean giants like LG Electronics and Samsung entered the Indian marketplace, which disrupted client electronics and home equipment with the newest era and high quality merchandise at inexpensive pricing.
Regardless that Videocon Industries had a number of verticals, its major money cow was once the patron electronics and home equipment trade. As Videocon failed to stand the demanding situations from competitors Sony, LG and Samsungs, its income were given stagnated and progressively it sat on a pile of debt.
Dhoot attempted to pair money owed via promoting a few of his belongings.
The corporate merged its DTH trade with Dish TV. They offered possession in a few of their gasoline fields and telecom trade, but it surely didn’t paintings. In any case, in 2018, it was once dragged to the insolvency tribunal NCLT via its creditor. It owed round Rs 31,000 crore to the banks, together with pursuits.
On the request of lenders, the Nationwide Corporate Legislation Tribunal (NCLT) has carried out a consolidated company insolvency solution procedure via combining Videocon Industries and the opposite 12 Videocon crew corporations.
In June 2021, a bid of simply Rs 2,692 crore from billionaire Anil Agarwal’s Dual Megastar Applied sciences to take over Videocon Industries was once licensed via the NCLT. This additionally went into controversy.
Previous this 12 months, the Nationwide Corporate Legislation Appellate Tribunal (NCLAT) had put aside Dual Megastar’s Rs 2,692 crore bid, directing to ask recent bids. Regardless that it was once challenged ahead of the Preferrred Court docket via Dual Megastar, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser.
In accordance to a few assets, the lenders can even believe liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was once a luck tale.
ALSO READ | Videocon mortgage case: Ex-ICICI MD Chanda Kochhar, husband in CBI custody
NEW DELHI: Beginning with a circle of relatives, which had a dealership of Bajaj Auto’s scooters, to changing into the landlord of a family title in client home equipment who may come up with the money for to have Bollywood celebrity Shah Rukh Khan as the logo ambassador, Venugopal Dhoot’s is a tale of an competitive small the city businessman’s pursuit to be at the most sensible.
Now arrested in reference to the ICICI Financial institution mortgage fraud case, Venugopal Dhoot all the way through his heydays was once no longer the only to easily sit down on small achievements like Videocon changing into the biggest tv set producer in India.
The eldest son of overdue Nandlal Madhavlal Dhoot, who based the Videocon Team in 1984, Venugopal was once in large part accountable for riding the conglomerate to diversify into more than a few verticals, reminiscent of oil and gasoline, actual property and retail, past its a success client electronics and residential home equipment trade.
Dhoot, the safari-suited businessman, was once born into an agricultural circle of relatives in Ahmednagar (Maharashtra), the place his father had a cotton ginning mill and operated a wholesale grain industry.
In 1982, when the general public broadcaster Doordarshan started transmitting color tv programmes in India, it opened a brand new phase.
Right here the Dhoot circle of relatives attempted their good fortune within the uncharted territory of producing typical tube-based color TV units.
Dhoot who had an engineering stage from the College of Pune activate to Japan for a 12 months to be skilled at electronics corporations.
In 1986, he based Videocon Global, which geared toward production 1,00,000 TV units a 12 months. It entered into technical collaboration with the Eastern primary Toshiba and from right here there was once no taking a look again. From color TV units, Videcon within the Nineteen Nineties expanded into different verticals, reminiscent of fridges, washing machines, air conditioners, house leisure methods and different small home equipment.
It driven fresh competitors like Mirc Digital (Onida), Salora, Weston and many others with inexpensive pricing.
Its TV fashions like Bazooka and Bazoomba have been the marketplace’s favourites within the early 90s.
After having luck in its client electronics and residential home equipment trade, Dhoot expanded Videocon Industries into different spaces, reminiscent of Oil & Gasoline, mobile services and products and others.
On the other hand, Dhoot’s downfall began when it entered into the mobile carrier house with Videocon Telecommunications. It will release business services and products most effective in 11 out of the 18 circles it held licences.
In 2012, after the 2G spectrum case, the Preferrred Court docket cancelled 122 licences issued via the central executive in 2008, 21 licences belonged to Videocon. Within the 2012 spectrum public sale, Videocon received again licences in 6 circles however offered to the marketplace chief Bharti Airtel and close down operations.
Additionally, within the overdue 90s South Korean giants like LG Electronics and Samsung entered the Indian marketplace, which disrupted client electronics and home equipment with the newest era and high quality merchandise at inexpensive pricing.
Regardless that Videocon Industries had a number of verticals, its major money cow was once the patron electronics and home equipment trade. As Videocon failed to stand the demanding situations from competitors Sony, LG and Samsungs, its income were given stagnated and progressively it sat on a pile of debt.
Dhoot attempted to pair money owed via promoting a few of his belongings.
The corporate merged its DTH trade with Dish TV. They offered possession in a few of their gasoline fields and telecom trade, but it surely didn’t paintings. In any case, in 2018, it was once dragged to the insolvency tribunal NCLT via its creditor. It owed round Rs 31,000 crore to the banks, together with pursuits.
On the request of lenders, the Nationwide Corporate Legislation Tribunal (NCLT) has carried out a consolidated company insolvency solution procedure via combining Videocon Industries and the opposite 12 Videocon crew corporations.
In June 2021, a bid of simply Rs 2,692 crore from billionaire Anil Agarwal’s Dual Megastar Applied sciences to take over Videocon Industries was once licensed via the NCLT. This additionally went into controversy.
Previous this 12 months, the Nationwide Corporate Legislation Appellate Tribunal (NCLAT) had put aside Dual Megastar’s Rs 2,692 crore bid, directing to ask recent bids. Regardless that it was once challenged ahead of the Preferrred Court docket via Dual Megastar, the collectors of Videocon Industries are nonetheless on the lookout for a purchaser.
In accordance to a few assets, the lenders can even believe liquidation, in the event that they fail to discover a purchaser for the corporate, which as soon as was once a luck tale.
ALSO READ | Videocon mortgage case: Ex-ICICI MD Chanda Kochhar, husband in CBI custody