Clarification provided with respect to email dated 05.04.2025 for corporate announcement filed under regulation 30 of SEBI (LODR) regulations 2015
Awaiting price reaction for this filing.
Videocon Industries, currently under a consolidated Corporate Insolvency Resolution Process (CIRP) since June 2018, has replied to BSE's query about why it disclosed the appointment of its new Company Secretary and Compliance Officer late. The previous CS/CO resigned on December 9, 2024, and Mr. Abhay Kadam was appointed as the new CS/CO on March 1, 2025, with approval from the Committee of Creditors given on December 10, 2024. However, the company only informed stock exchanges on April 4, 2025 — well beyond the 12-hour deadline under SEBI rules. The company blamed limited manpower and handover challenges during the ongoing insolvency proceedings for the delay. Trading in Videocon's shares has been suspended on both BSE and NSE since June 16, 2021.
This is a procedural clarification rather than a new material event, so it is unlikely to move the stock. However, it highlights governance weaknesses and ongoing operational difficulties at the insolvent Videocon Group, with the company's insolvency appeal still pending before the Supreme Court and shares remaining suspended from trading.