Clarification provided with respect to exchange email dated 09.04.2025 for delay in filing 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 and managed by Resolution Professional Mr. Abhijit Guhathakurta, has responded to BSE's query about the late disclosure of a director's exit. Whole-Time Director Mr. Sanjay Kumar Palecha resigned on March 8, 2025 citing retirement, but the company disclosed this only on April 8, 2025 — roughly a month later, missing the SEBI-mandated 24-hour window. The company attributed the delay to limited operational capacity and administrative constraints under the ongoing insolvency process and requested BSE to condone the lapse. The matter is further complicated by ongoing Supreme Court appeals related to the NCLAT order that had set aside the earlier approved resolution plan of Twin Star Technologies Ltd, keeping the CIRP in limbo.
Trading in Videocon's shares has already been suspended on both BSE and NSE since June 16, 2021, so retail investors cannot transact. The delayed disclosure and ongoing CIRP/legal battles indicate continued uncertainty around the company's resolution and no near-term revival prospects.