Securities and Exchange Board of India (SEBI) has ordered attachment of bank accounts, shares and mutual fund holdings of Venugopal Dhoot and Electroparts (India), the promoter entity of Videocon Industries, to recover dues of about Rs 68.5 lakh. Earlier, on September 30, the Securities and Exchange Board of India had sent a notice to Electroparts (India) Pvt Ltd, the promoter entity of Videocon Industries, and its Chief Executive Officer (CEO) Venugopal Dhoot.
Order was given to repay the dues within 15 days
In the notice, he was asked to pay the dues within 15 days in a case of insider trading activities in shares of Videocon Industries. Fresh action was taken against Dhoot and Electroparts (India) for non-payment of fines. In two attachment orders issued on Friday, the market regulator has ordered attachment of bank, demat accounts and mutual fund holdings of Venugopal Dhoot and Electroparts (India) to recover pending dues.
Venugopal Dhoot's journey from the floor to the floor
Let us tell you that Venugopal Dhoot, who belongs to a family that owns a Bajaj scooter dealership, had taken his company Videocon to every household in the electronics consumer products category in just a few decades. But times changed and he continued to face financial difficulties. Venugopal Dhoot started his journey as a small town businessman. Nandlal Madhavlal Dhoot's elder son Venugopal, through his efforts, expanded the Videocon Group into home electronics appliances as well as oil and gas, real estate and retail businesses. He was born in a farming family in Ahmednagar, Maharashtra. His father owned a cotton ginning mill and also did wholesale business of grains. But with the start of color television broadcasting in the country in 1982, the family saw a new business opportunity and thought of manufacturing color TV sets. Venugopal, who studied engineering from Pune University, went to Japan to learn the nuances of television production and trained there for a year.
After returning from there, in 1986, Venugopal laid the foundation of Videocon International with the intention of manufacturing one lakh TV sets every year. For this, the company had also signed a technical cooperation agreement with Japanese company Toshiba. The sequence that started from there continued for a long time. After making its mark in color TV sets, Videocon also entered the field of refrigerators, washing machines, air conditioners and other small electronic appliances. During this period it left behind companies like Onida, Salora and Weston. The problems started when Dhoot expanded Videocon into other business areas.
Image Credit: India-Tv.