A forensic audit of Videocon Industries’ accounts has been ordered by a consortium of lenders led by the State Bank of India (SBI) to ascertain if the company stumbled due to tough business conditions or financial mismanagement, the Economic Times reported on Friday while citing two sources.
Professional services company KPMG will be conducting the audit of the company’s accounts, the report added. The move is a preliminary measure before the restructuring of Videocon’s debt can commence under the Insolvency and Bankruptcy Code, according to the financial daily.
The loan recasting has been necessitated due to the debt amassed by Videocon. As reported earlier, Videocon Industries has consolidate…
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