Debt-ridden Videocon Industries on Wednesday said it has decided to defer the annual and fourth quarter financial results of 2018-19, citing appointment of a new resolution professional by the NCLT.
The National Company Law Tribunal (NCLT) had on August 8, 20I9 has approved the appointment of Mahendra Khandelwal as RP of the company to consolidate the Corporate Insolvency Resolution Process of 13 Videocon group entities.
"On this background and in view of the complexities of the Consolidation inter-alia including takeover of ClRP from erstwhile Resolution Professionals, he will require reasonable time to consider, review and disseminate the Standalone Annual Audited Financial Results of the Company.
"The Annual Audited Financial Results of the Company for the Financial Year ended March 31, 2019 and for the quarter ended on the same date which were originally supposed to be considered and disseminated today stands deferred," Videocon Industries said in a regulatory filing.
The company will give a "fresh intimation" regarding declaration of annual audited financial results in due course, it added.
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