Subhiksha management kept investors in dark: ICICI Venture
Having written to the Registrar of Companies to order a probe into the affairs of Subhiksha Trading Services for period post-April 2007, ICICI Venture charged management of the retail chain with keeping its investors in dark.
By PTI |
MUMBAI: Having written to the Registrar of Companies to order a probe into the affairs of Subhiksha Trading Services for the period post-April 2007, ICICI Venture on Monday charged the management of the retail chain with keeping its investors in dark on financial matters of the company.
Speaking to reporters here today, Managing Director and CEO of ICICI Venture Renuka Ramnath said, "Its (Subhiksha's) management had kept the lenders and investors in the dark about the financial position of the company..."
ICICI Venture has also written to RoC to appoint an auditor to find out the financial position of the company, said a press statement issued here.
The company's audited accounts are available only as of April 2007, as per which it had turnover of Rs 840 crore and profit before tax of Rs 18 crore, the statement said adding that it had also inventories of Rs 279 crore and secured loans of Rs 245 crore.
Subhiksha Managing Director R Subramanian's comments on the ICICI Venture's remarks could not be obtained immediately.
On the prospects of revival of the company, Ramnath said, "We are minority shareholders and do not have management control. We are talking to lenders and investors like Azim Premji to find a solution. We will back any revival package."
Subhiksha, a chain of 1,300 stores across the country, ran into serious liquidity crisis around last September.
Speaking to reporters here today, Managing Director and CEO of ICICI Venture Renuka Ramnath said, "Its (Subhiksha's) management had kept the lenders and investors in the dark about the financial position of the company..."
ICICI Venture has also written to RoC to appoint an auditor to find out the financial position of the company, said a press statement issued here.
The company's audited accounts are available only as of April 2007, as per which it had turnover of Rs 840 crore and profit before tax of Rs 18 crore, the statement said adding that it had also inventories of Rs 279 crore and secured loans of Rs 245 crore.
Subhiksha Managing Director R Subramanian's comments on the ICICI Venture's remarks could not be obtained immediately.
On the prospects of revival of the company, Ramnath said, "We are minority shareholders and do not have management control. We are talking to lenders and investors like Azim Premji to find a solution. We will back any revival package."
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Subhiksha, a chain of 1,300 stores across the country, ran into serious liquidity crisis around last September.
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