Videocon blames PM Modi, court and Brazil for $579 mn bad debt pile
A bankruptcy court admitted an insolvency petition filed by creditors, led by State Bank of India against Videocon, and ordered debt reorganizers to take over its management. That prompted the company to file an appeal to wrest back control, according to an exchange filing on Tuesday.
Modi’s clampdown on cash in November 2016 chocked supplies for making cathode ray tube televisions and forced it to shut the business, Videocon said in the filing. Image source: PTI