On Tuesday, the Central Bureau of Investigation (CBI) registered a case against Venugopal Dhoot, CMD of Videocon Industries Limited (VIL) & unknown officials of a consortium of lenders led by the State Bank of India (SBI) for alleged undue pecuniary gains to VIL.

CBI in the FIR against Dhoot stated, "The enquiry has revealed that in 2008, Videocon Hydrocarbons Holding Limited (VHHL), a subsidiary of VIL acquired 10 per cent participating interest in oil & gas block in Rovuma Area 1 block in Mozambique from Anadarko (A USA-based petroleum company). The enquiry further revealed that Venugopal Dhoot is the Chairman & Managing Director of VHHL".

The FIR said that in April 2012, the consortium of banks led by SBI sanctioned Standby Letter of Credit (SBLC) facility of USD 2,773.60 million to VHHL for appraisal & development of overseas oil & gas asset in Mozambique, Brazil & Indonesia & other funding requirements in relation to the said oil & gas asset & for refinancing the existing facilities.

The agency found that the three banks -- SBI, IDBI and ICICI -- paid USD 705.45 million to Standard Chartered Bank (SCB), London as part of sales proceeds instead of USD 650 million which was due.

"The SBI-led consortium never took charge of the Mozambique assets & the charge for Indonesia & Brazil assets were taken only in November 2013," CBI said in the FIR.

CBI said that "The SBI-led consortium in conspiracy with Videocon did not raise any objection to the fact that the outstanding of Standard Chartered Bank has already been paid by the consortium in Feb 2013".

"The enquiry revealed that the VIL used the funds availed from SCB for some other purposes or siphoned the same in some other accounts of Videocon or its promoters," it said.

The agency further stated that cognisable offence had been committed under Section 120-B read with Section 420 of IPC & Section 13(2) read with Section 13(1)(d) of Prevention of Corruption Act, 1988 on the part of Dhoot & unknown officers of the consortium of lenders led by SBI.

Source Link

Picture Source :