Won't leave company in the lurch, says Subhiksha MD
Troubled retail chain Subhiksha's Managing Director R Subramanian today trashed all speculation regarding his departure from the company's board and said he will not "evade or escape" his responsibilities until the ongoing Corporate Debt Restructu...
By PTI |
NEW DELHI: Troubled retail chain Subhiksha's Managing Director R Subramanian today trashed all speculation regarding his departure from the company's board and said he will not "evade or escape" his responsibilities until the ongoing Corporate Debt Restructuring process is over.
"As MD of the company, I owe it all to these people...I won't leave them in the lurch and walk out when the business is in trouble. We are not made that way and that liberty is possibly only with those people, who are purely financial investors...who have no concern other than the money they make," Subramanian said in a statement.
About ICICI Venture's reported interest in gaining control of Subhiksha management, he said there was no question of any greater control by the private equity firm than what it has been exercising currently.
"We are sure that there are many sensible stakeholders who will work alongside us in the revival of the business, notwithstanding the views of others," Subramanian said.
He went on to say, "We have neither time nor energy for any fight. We have to get the business on track, and we are sure they will join the cause, if not now, some time later."
"As MD of the company, I owe it all to these people...I won't leave them in the lurch and walk out when the business is in trouble. We are not made that way and that liberty is possibly only with those people, who are purely financial investors...who have no concern other than the money they make," Subramanian said in a statement.
About ICICI Venture's reported interest in gaining control of Subhiksha management, he said there was no question of any greater control by the private equity firm than what it has been exercising currently.
"We are sure that there are many sensible stakeholders who will work alongside us in the revival of the business, notwithstanding the views of others," Subramanian said.
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He went on to say, "We have neither time nor energy for any fight. We have to get the business on track, and we are sure they will join the cause, if not now, some time later."
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