Corporate Insolvency Resolution Process (CIRP) Status

Videocon Industries Limited along with 12 other Videocon group companies is undergoing consolidated corporate insolvency resolution process under IBC 2016. Mr. Abhijit Guhathakurta is appointed as the Resolution Professional. The powers of the board of directors stand suspended and are vested with the Resolution Professional.

Key CIRP timeline:

  • CIRP initiated: June 6, 2018 (NCLT order)
  • Consolidation of 13 Videocon entities: August 8, 2019
  • RP appointment changed to Abhijit Guhathakurta: September 25, 2019
  • Resolution plan by Twin Star Technologies approved by CoC: December 15, 2020 (95.09% majority)
  • NCLT approved resolution plan: June 8, 2021
  • NCLAT stayed NCLT order: July 19, 2021
  • NCLAT set aside approval order and remitted back to CoC: January 5, 2022
  • Supreme Court oral remarks to maintain status quo: February 14, 2022
  • CIRP currently stalled pending Supreme Court orders

Financial Results Overview

Standalone Financial Performance (All amounts in ₹ Million)

Quarter Ended March 31, 2025:

  • Revenue from Operations: 1,622.37
  • Other Income: 33.80
  • Total Income: 1,656.17
  • Total Expenses: 27,866.47
  • Loss Before Tax: (26,210.30)
  • Tax Expense: Nil
  • Net Loss: (26,210.30)
  • Other Comprehensive Income: (0.82)
  • Total Comprehensive Loss: (26,211.12)
  • Basic EPS: (₹78.37)
  • Diluted EPS: (₹70.58)

Financial Year Ended March 31, 2025:

  • Revenue from Operations: 6,471.88
  • Other Income: 188.79
  • Total Income: 6,666.67
  • Total Expenses: 104,278.28
  • Loss Before Tax: (97,611.61)
  • Tax Expense: Nil
  • Net Loss: (97,611.61)
  • Other Comprehensive Income: (54.83)
  • Total Comprehensive Loss: (97,666.44)
  • Basic EPS: (₹291.85)
  • Diluted EPS: (₹262.38)

Balance Sheet Position as at March 31, 2025

  • Total Assets: ₹337,905.02 Million
  • Total Liabilities: ₹776,724.15 Million
  • Equity Share Capital: ₹3,344.59 Million
  • Other Equity: (₹442,163.72) Million
  • Net Worth: (₹438,819.13) Million
  • Borrowings: ₹705,869.11 Million

Segment-wise Performance

The company operates in two segments:

1. Consumer Electronics & Home Appliances: FY25 Revenue ₹357.50 Million

2. Oil & Natural Gas: FY25 Revenue ₹6,120.38 Million

All segment losses are aggregated under unallocable items: (₹4,391.40) Million loss before finance cost and tax for FY25.

Auditor's Disclaimer of Opinion

G AMP & Co., Chartered Accountants, issued a disclaimer of opinion citing multiple reasons:

Basis for Disclaimer:

1. Resolution Professional has disclaimed liability and made no representations regarding accuracy, veracity or completeness of financial data

2. Reliance on balances as of March 31, 2019 without verification or adjustments

3. Non-availability of pre-CIRP records and lack of cooperation from promoters/erstwhile management (Section 19 applications filed with NCLT)

4. Independent Transaction Review Audit indicated questionable pre-CIRP accounting entries/transactions

5. Ongoing investigations by SFIO, Directorate of Enforcement and other government agencies

6. Assets recorded at carrying values without revaluation/impairment assessment to avoid indicative pricing for PRAs

7. No accounting impact made for claims submitted by creditors pending CIRP outcome

8. Interest continued to be charged during moratorium period without supporting documentation

9. Inability to verify PPE, investments, inventories, loans/advances, related party transactions

10. Non-appointment of Key Managerial Personnel (CFO, Independent Directors)

11. Material uncertainty about going concern status

12. Non-compliance with Companies Act, 2013 and Indian Accounting Standards

Material Uncertainty Regarding Going Concern

The company's net worth is negative (₹438,819.13 Million), it continues to incur losses, and there is considerable decline in operations. The appropriateness of going concern basis is critically dependent on the CIRP outcome.

Delay in Submission and Trading Status

The submission of financial results was delayed due to CIRP constraints including resignation of key accounting personnel, non-availability of pre-CIRP records, and lack of cooperation from promoters. Trading in company's securities has remained suspended on BSE and NSE since June 16, 2021.

Signatories and Dates

  • Resolution Professional: Abhijit Guhathakurta (Signed on February 10, 2026)
  • Auditors: G AMP & Co. (Signed on February 10, 2026)
  • Filing with Exchanges: March 05, 2026

Enclosures

1. Audited financial results for quarter/year ended March 31, 2025

2. Independent Auditor's Report

3. Statement on Impact of Audit Qualification