Shares of Videocon jumped 5% on 11 September after a UK-based business made an offer of Rs 2,200 crores (£2.33mn) to Videocon’s lenders for a takeover of the company, an Indian newspaper has reported. It is believed the bid may be revised this week, before the new cut-off date.
A State Bank of India-led consortium of banks are currently evaluating the bids made by 11 companies including Kotak Investment Advisors Ltd, Anil Agrawal’s Twin Star Technologies promoted by the Vedanta group and London based entity V Shape Capital.
V Shape Capital with global presence in countries like Brazil and UAE, has two Indian-origin directors, Suresh Chandra Pandya, who is the Key Promoter and Ajit Kumar, the CEO.
Videocon Industries reportedly has a debt of Rs 33,000 crores (£2.75mn) to various Indian banks including SBI, IDBI and Central Bank of India. Videocon was in RBI’s top 12 corporate defaulters and filed for bankruptcy in 2017. In August 2019, the National Company Law Tribunal (NCLT) consolidated the resolution process for all 13 companies. The 6 months deadline was meant to end on 4 February, but the period was extended by 3 months.
1957 born Suresh Chandra Pandya is a Hounslow-based Gujarati businessman with roots in Uganda. He is a strong supporter of Morari bapu and a disciple of Pujya Rameshbhaishree.
He has three daughters and a son. His daughter Dimple is also an entrepreneur and has three beauty salons in London- in Tooting, Hounslow and Pimlico. His son Amar and wife Vandna are part of Suresh’s property business. His other daughters- Anjali and Anita are married to Indian business tycoon Jayanti Chandra’s family- owner of Atul Auto Ltd, a leading three-wheeler, tuk-tuk, e-rickshaw manufacturer in Rajkot, Gujarat. Jayanti is a close friend of Conservative Peer, Lord Dolar Popat.
Mr Pandya was unavailable for any comment.
