Videocon, a company that was once one of the biggest manufacturers of electronic goods in India has put its assets on sale. In a newspaper advertisement, the company has invited resolution applicants to buy assets of companies in multiple locations including Karnataka, Maharashtra, Gujarat, Telangana, and Rajasthan. What is amusing in this advertisement is the choice of words. The advertisement read, “An opportunity to acquire ready to use Indian manufacturing facilities and contribute to making India ‘Atmanirbhar’ that is in reference to the government’s call to manufacture locally. Twitteratis were quick to call out the ad on social media platforms accusing the company of fraud.
Notably, Videocon is the company against which the ED is investigating a case of taking fraudulent loans from ICICI Bank. Almost all of its have been sacked without getting a single penny. Videocon was once the best-performing company in India with a standalone profit of profits of over Rs 800 crores with a focused approach in the consumer electronics business during three financial years until September 2008.- IB Times