Videocon-Nahata face-off continues

Advanced Search

Feedback

Reader's Poll

Any data to show

Teledata

Mobile Subscribers Yearwise comparision

Videocon-Nahata face-off continues

September 15, 2008

Be the first to comment!

Talks regarding the acquisition of Himachal Futuristic Communications Limited's (HFCL) 36 per cent stake in Videocon's telecommunication arm Datacom have failed due to a disagreement over the valuation of Datacom. The Videocon Group was willing to offer Rs 13.6 billion for the acquisition, but HFCL's Nahata asked for Rs 21.16 billion to offload his stake. Nahata also sent a communication to both the State Bank of India (SBI) and Datacom's auditors, alleging that Videocon had earlier passed off a Rs 10 billion loan from SBI as its own contribution to Datacom's equity, thus violating banking and company law norms.