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CBI Files New Case Against Videocon CMD Venugopal Dhoot For 'Undue Pecuniary Gains' To Company

The enquiry has revealed that in 2008, Videocon Hydrocarbons Holding (VHHL), a subsidiary of VIL acquired 10 per cent participating interest in oil and gas block in Rovuma Area 1 block in Mozambique from Anadarko.

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

"The enquiry has revealed that in 2008, Videocon Hydrocarbons Holding Limited (VHHL), a subsidiary of VIL acquired 10 per cent participating interest in oil and 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 and Managing Director of VHHL," CBI stated in the FIR against Dhoot.

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 and development of overseas oil and gas asset in Mozambique, Brazil and Indonesia and other funding requirements in relation to the said oil and gas asset and 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 and the charge for Indonesia and Brazil assets were taken only in November 2013," CBI stated in the FIR.
"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 February 2013," said CBI.

"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 and Section 13(2) read with Section 13(1)(d) of Prevention of Corruption Act, 1988 on the part of Dhoot and unknown officers of the consortium of lenders led by SBI. (ANI)

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Tags assigned to this article:
cbi videocon VIL VHHL venugopal dhoot mozambique sbi SCB icici idbi

ANI

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