Once a market leader, Videocon was hit by 2G licence cancellation

The company has paid Rs 188 billion as interest to banks in the last five years, according to data submitted to the stock exchanges even as its sales and profits declined

From its heydays as the market leader in the consumer durables industry in the nineties, the fortunes of Videocon Industries have declined dramatically in recent years.

The company was referred to the National Company Law Tribunal (NCLT) on Wednesday for debt resolution — culminating its four-decade journey in the Indian corporate sector.

While the company has blamed the cancellation of its nationwide second-generation wireless telephony licence by the Supreme Court in 2012, falling oil prices in the recent years have added to its misery. “With a new Ordinance in place, we expect to exit the IBC process as soon as