Moneycontrol News
A consortium of lenders led by State Bank of India has ordered a forensic audit of Videocon Industries‘ account to investigate whether the company stumbled because of tough business conditions or financial mismanagement.
The measure is a precursor to the debt restructuring process, which has now become inevitable for Videocon after the company defaulted on loans totalling Rs 43,000 crore, The Economic Times reported, citing two sources privy to the information.
KPMG is the audit firm tasked with examining Videocons books. Once the auditor publishes its findings, the process of restructuring the companys debt can be started under the Insolvency and Bankruptcy Code.
“Lenders and promoters are now looking at…
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