SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Videocon Inds’ subsidiary backs out from new banking license race

07 Sep 2013 Evaluate

Diversified conglomerate Videocon Industries’ subsidiary Value Industries has withdrawn from the race for licence to start new banks in the private sector. However, with this another applicant, K. C. Land & Finance, Chandigarh, whose application was received at the Reserve Bank, on July 1, 2013, but was inadvertently not included in the list of applicants for new bank licences in the private sector, has now being included in the list of 26 applicants for new bank licences in the private sector.

According to reports, Venugopal Dhoot, Chairman, Videocon Group, is likely to be nominated on the RBI board. Hence, in order to avoid conflict of interest as a company owned by him was one of the contenders for bank licence, the company decided to back-out from the race. In a similar move, Aditya Birla Group's Chairman Kumar Mangalam Birla, in July, had stepped down from the RBI board after his subsidiary company Aditya Birla Nuvo had applied for banking licence.

Videocon Industries, established two decades ago, is a global conglomerate. Videocon’s businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.

Videocon Inds. Share Price

7.25 0.00 (0.00%)
15-Jun-2021 18:01 View Price Chart
Peers

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×