Consolidate all main firms along with 14 subsidiaries as single financial entity.

In a first since the bankruptcy law was enacted, the lenders and resolution professionals for Videocon Industries and Videocon Telecommunications Friday approached the NCLT seeking a direction to consolidate all the 14 group subsidiaries under one financial entity. The RP urged a single bench of the Mumbai National Company Law Tribunal, MK Shrawat to direct a consolidation which will recognise all the companies into a single entity saying as all these entities have common lenders and are engaged in common businesses. He also cited global precedents in...