Venky’s, HMRC…The Plot Thickens ?

[tomphil]

Google Venkys under investigation, was trying to do a link to an article but can't for some reason.

Don't know it it's mentioned elsewhere on here..

[CambridgeRover]

Very interesting. Not entirely sure on what this means but any heat on venkys sounds good to me

[tomphil]

Well there is obviously something going on back in India that as we suspected is nothing to do with money transfer laws !

[wilsdenrover]

Isn’t Alexander House Gary Neville’s old place?

[NeilInBristol]

Keep us posted mate! Great update. Hopefully the chickens will come home to roost

[simongarnerisgod]

india is a very tribal and insular country socially and business wise ,if they`ve offended or disrespected another important family they could be in the throes of being run out of business and ruined,the chickens are coming home to roost😆

[Uddersfelt Blue]

Another link

https://www.msn.com/en-in/news/other/9-properties-of-venkateshwara-hatcheries-seized-in-maharashtra-karnataka/ar-AA1gcN71

[Tyrone Shoelaces]

Lock ‘em up.

[tomphil]

Having millions of pounds worth of property seized is a major blow to any business especially if it's used as leverage or potentially has to be  bought back or lost.

No wonder the taps went straight off.

This could see us screwed now there'll be bids galore in January for players.

[the original david brent]

26 minutes ago, NeilInBristol said:

Keep us posted mate! Great update. Hopefully the chickens will come home to roost

Struggling to see how this benefits Rovers in any way? I would have thought it’s quite the opposite 

[simongarnerisgod]

3 minutes ago, tomphil said:

Having millions of pounds worth of property seized is a major blow to any business especially if it's used as leverage or potentially has to be  bought back or lost.

No wonder the taps went straight off.

This could see us screwed now there'll be bids galore in January for players.

or they might have to offload us or stop funding,either way we could be rid of them,might be few lean seasons but we will rise again,free from chicken criminals

[tomphil]

2 minutes ago, simongarnerisgod said:

or they might have to offload us or stop funding,either way we could be rid of them,might be few lean seasons but we will rise again,free from chicken criminals

They'd probably sell us for a quid to Akon or some other of Balaji's mad mates.

The Hitlab stadium, Ewood.

[booth]

They've brought shame and decay to the club since they arrived.

[Inferi]

Maybe our honourable owners will be in prison soon.

[Andy]

7 minutes ago, tomphil said:

Having millions of pounds worth of property seized is a major blow to any business especially if it's used as leverage or potentially has to be  bought back or lost.

No wonder the taps went straight off.

This could see us screwed now there'll be bids galore in January for players.

From what I understand, it won't be that bad.

They are still putting (and intending to put) money into the club, though the emphasis has been the club having to help out in this interim period (eg retaining some of the funds raised by transfers).

How it affects the longer-term and whether it's a potential 'out' for them, genuinely don't know and we'll have to see how it plays out...

[NeilInBristol]

6 minutes ago, the original david brent said:

Struggling to see how this benefits Rovers in any way? I would have thought it’s quite the opposite 

The potential decline of the venkys can only be good for us in the long term.

[NeilInBristol]

2 hours ago, tomphil said:

Google Venkys under investigation, was trying to do a link to an article but can't for some reason.

Don't know it it's mentioned elsewhere on here..

https://www.indiatoday.in/india/story/probe-agency-seizes-9-properties-of-venkateshwara-hatcheries-2430699-2023-09-04

[glen9mullan]

Interestingly they set up another company in Jersey in January,

With Zedra Trust also having financial interest and a Stephen guy also listed along side the V's.

They were appointed in 2016,

One of that companies directors appears to feature in the investigation we presented to the FA.

Learnt their lesson?

If the Indian government are claiming their assets for dodgy transactions to the UK, is the end in sight?

 

[tomphil]

1 minute ago, Andy said:

From what I understand, it won't be that bad.

They are still putting (and intending to put) money into the club, though the emphasis has been the club having to help out in this interim period (eg retaining some of the funds raised by transfers).

How it affects the longer-term and whether it's a potential 'out' for them, genuinely don't know and we'll have to see how it plays out...

It's already bad, ask JDT and Broughton.

With the amount of money involved and the fact that this will prompt the authorities over there to start looking into other aspects of the business it could go on a long time.   That might mean they can't commit to anywhere near the previous level of funding if indeed any at all. 

We've heard all about their intentions before.

[JHRover]

So much for slippery Steve being 'honest' and up front about the issue like many were rushing to credit him for the other week.

Quite happy to let people believe the nonsense that the Indian government had changed their tax laws overnight and unsurprisingly once again a bit of online digging and third party new outlets reveal the truth, not our CEO

only this evening they claimed:

"One of our key strategic aims and priorities is to have an open dialogue and clear communication with our supporters surrounding key subjects"

Whilst MSN and co have revealed more about these owners than Waggott has in 5 years

 

[Guest]

Ahhhhhh as suspected, absolutely fuck all to do with tax laws.

[Polky]

How much is 65.5 Crore?

[Butty]

4 minutes ago, Polky said:

How much is 65.5 Crore?

73m I think the article says.

Edited September 5, 2023 by Butty

[jim mk2]

I'm not defending them but if Venky's are in financial trouble is it not going to harm BRFC further? They've already damaged Rovers' prospects by turning off the transfer spending taps and any financial squeeze on the parent company will only make matters at Ewood even worse

Anyone thinking that their current problems means they will be looking to sell BRFC will probably be disappointed. The owners are arrogant and conceited and will never admit to making a mistake. Like it or not, our ship is tied to the Venky's mast and if they're going down I wouldn't be surprised if they decide to take us with them too 

[glen9mullan]

11 minutes ago, Polky said:

How much is 65.5 Crore?

I thought 1 crore was 10 million rupees?

So yeh I'd say that's a lot of cash unaccounted for,

 

Edited September 5, 2023 by glen9mullan