Venky’s, HMRC…The Plot Thickens ?

[lraC]

1 hour ago, philipl said:

Nonsense. Look at the Rovers accounts.

Hence why I said seem.

 

[BarryMaguire]

I could be wrong but I still think nothing will happen, but surely if it does this would be pretty bad for the club anyways? They own the training ground and we owe them 200 million pound. They could just drag us down with them. Surely the most optimistic we could be is they say fuck it and try and offload the club for whatever they can get but they already have sunk 200 million and show no signs of that.

[Blow-in]

1 hour ago, RoversClitheroe said:

Wait so Rovers could have assets seized?

Oh my god is that why Wharton has not played for the last two games? 

The indian govt have seized him 🙂 

[simongarnerisgod]

venkys going to jail😁

[tomphil]

38 minutes ago, BarryMaguire said:

I could be wrong but I still think nothing will happen, but surely if it does this would be pretty bad for the club anyways? They own the training ground and we owe them 200 million pound. They could just drag us down with them. Surely the most optimistic we could be is they say fuck it and try and offload the club for whatever they can get but they already have sunk 200 million and show no signs of that.

As always with them it just leaves us in limbo but iv'e a feeling if they go down the pan (which they won't) then we will be dragged down with them.

We'll end up being owned by another offshoot of their firm and sponsored to the tune of c5 million a year which coupled with our own income should see us comfortably hovering around the upper end of league 1.

But hey it's ok as they'll still be paying the bills and keeping us in business !

[Crimpshrine]

35 minutes ago, BarryMaguire said:

I could be wrong but I still think nothing will happen, but surely if it does this would be pretty bad for the club anyways? They own the training ground and we owe them 200 million pound. They could just drag us down with them. Surely the most optimistic we could be is they say fuck it and try and offload the club for whatever they can get but they already have sunk 200 million and show no signs of that.

Venky's have been bad for the club since they showed up. There is no real positive outcome either way.

If they leave they may well keep the training ground for a future sale which would be a massive blow.

If they stay longer we will suffer a continued, lingering decline and eventually see them disappear - probably along with the training ground.

Best all round if they go now and we start the recovery from whatever situation they leave us in.

[lraC]

45 minutes ago, BarryMaguire said:

I could be wrong but I still think nothing will happen, but surely if it does this would be pretty bad for the club anyways? They own the training ground and we owe them 200 million pound. They could just drag us down with them. Surely the most optimistic we could be is they say fuck it and try and offload the club for whatever they can get but they already have sunk 200 million and show no signs of that.

Technically as pointed out by PhilipL we don’t owe them 200 million. They have sunk that into the club, with no chance of getting it back.

The worrying part for me is the article stating the payments that were made were illegal and what consequences that brings.

PS I have had a reply to my E Mail now and been invited into the club for a meeting. 

[tomphil]

Can't see how the payments into VLL to fund the club have been illegal unless they are down on the VH books as something else.  VLL was set up to own and fund the club to comply with British law and the ultimate parent company is VH group.

Seems to back up my long help opinion yet again that VH company profits do fund the club not some personal stash from the generous Rao.  Nor some mythical gargantuan borrowings linked to acres of land in Pune, just a plain old business set up that uses surplus funds, boosts the portfolio as overseas investment whilst offsetting a chunk of tax in India.

Hence why their authorities are now so arsey about it.

Maybe just maybe if they agreed to stop sending 10/20 million over here every year all this will be dropped and go away....

[Brian-Potter]

I can’t see how at the moment the latest revelation changes anything. It appears that of the circa £220m that VHP have remitted to VLL to provide funding for BRFC, £3m or so of this money was actually remitted to another venture and not BRFC but this was not declared. The fact that the true destination of this £3m wasn’t declared is the issue here. It would appear that the remaining £217m or so has been properly allocated and although Indian Tax and Investment Law isn’t an area I know too much about I’d think there’s little the authorities can do on that.

The value of assets being seized are pocket change to Venkys but the fact that the IG are seizing assets would suggest Venkys dispute their findings and therefore are refusing to repay these amounts, leaving asset freezing / seizure as the only way for the IG to get security for the alleged amounts owed.

 

 

 

 

[tomphil]

If they bought the club with personal money and that 145 mill is just what the company has pumped in over the last decade it should be easier for them to sell it.

They'd get a decent amount of their initial price back whilst the rest could be easily written off. 

Sadly that's probably not the case but it would put paid to the theories of they won't sell because they need 200 million firmly to bed.

[RoverInverness]

Is it not just the £3m to Akon (whoever that is) that is Illegal? If that £ went through VLL then it brings Rovers into the picture, but it doesn’t mean the funding of the club is Illegal - even if the article is trying to imply that.

I don’t like the BJP and their right wing nationalist ideology one jot, but they have not, as far as I am aware, abandoned the rule of law. Nor would they be able to overturn the rule of law easily in a seventy+ year democracy with long established divisions of power. However fucked the Raos are they can still afford top lawyers. No way can the government of India seize land or assets for all Venkys money into Rovers by suddenly declaring those payments to have been illegal. The BJP are a shower of shit, but this is not the Bolsheviks in Russia or the Nazis in Germany - the Indian Government have to follow rules and laws. The payments to Akon were clearly breaking rules - as was the house purchase  - and the Raos will be punished. But to suddenly suggest that their funding of Rovers has been illegal is nonsense. Unless Indian democracy and the rule of law over there is in a far bigger mess than I realise and somebody who knows more would care to enlighten me?

 

[Exiled in Toronto Mk2]

8 minutes ago, Brian-Potter said:

I can’t see how at the moment the latest revelation changes anything. It appears that of the circa £220m that VHP have remitted to VLL to provide funding for BRFC, £3m or so of this money was actually remitted to another venture and not BRFC but this was not declared. The fact that the true destination of this £3m wasn’t declared is the issue here. It would appear that the remaining £217m or so has been properly allocated and although Indian Tax and Investment Law isn’t an area I know too much about I’d think there’s little the authorities can do on that.

The value of assets being seized are pocket change to Venkys but the fact that the IG are seizing assets would suggest Venkys dispute their findings and therefore are refusing to repay these amounts, leaving asset freezing / seizure as the only way for the IG to get security for the alleged amounts owed.

 

 

 

 

That’s how I read it too, the illegal bit is the £3million used on something unrelated to running (ha!) a football club.

[lraC]

 

https://www.indianembassyusa.gov.in/taxdata?id=7#:~:text=The main objective of FEMA,foreign exchange transactions in India.

[lraC]

10 minutes ago, Mashed Potatoes said:

They've sent approx £219m from India of which £3m has gone on this other venture with the remaining £216m lent to the club. Some of that loan has been converted in to share capital of the club leaving a debt of £145m. I don't know whether the source of the £219m is from the individuals or from the Venkys businesses.

I don’t think anyone does, or why they would do it.

If part of it or all of it is illegal, then it’s got to be a concern. 

[J*B]

I'm going to need you all to be extremely careful about what you post on this subject. As a reminder by creating an account you have taken all liability for your posts and given me permission to share data we have about you with relevant authorities if asked. 

[Leonard Venkhater]

2 hours ago, BarryMaguire said:

I could be wrong but I still think nothing will happen, but surely if it does this would be pretty bad for the club anyways? They own the training ground and we owe them 200 million pound. They could just drag us down with them. Surely the most optimistic we could be is they say fuck it and try and offload the club for whatever they can get but they already have sunk 200 million and show no signs of that.

Ah, you don't believe we're on the eve of destruction? lol

[rigger]

13 minutes ago, Leonard Venkhater said:

Ah, you don't believe we're on the eve of destruction? lol

Tell me, over and over and over again my friend.

[lraC]

1 hour ago, J*B said:

I'm going to need you all to be extremely careful about what you post on this subject. As a reminder by creating an account you have taken all liability for your posts and given me permission to share data we have about you with relevant authorities if asked. 

Hi Josh. Are there waves being created now and people asking for data?

Hopefully some people are beginning to get uncomfortable, as if they are not they should be.

Whats out their on the internet is widely available and from what I’ve seen on this thread, facts are mainly being quoted. 

[AllRoverAsia]

4 hours ago, rigger said:

Do icebergs have layers ?

They do and 90% is out of view and hidden for a reason but it's what can sink even the biggest or richest set of pirates.

Edited October 12, 2023 by AllRoverAsia

[Leonard Venkhater]

44 minutes ago, rigger said:

Tell me, over and over and over again my friend.

And to think I never knew Barry was a Rover...

[roverblue]

I can’t see how we can cover the bills over the next few months without money from Venkys. I think I once read they send a sum of money every few months to cover this, say £5m every quarter.

if that’s the case how do we pay our way? We can’t sell anyone till January and doubt we have any cash in the bank.

[Guest]

Just now, roverblue said:

I can’t see how we can cover the bills over the next few months without money from Venkys. I think I once read they send a sum of money every few months to cover this, say £5m every quarter.

if that’s the case how do we pay our way? We can’t sell anyone till January and doubt we have any cash in the bank.

Certainly the implication seems to be that someone in India wants the taps turned off. If that is the case then we are definitely entering a very difficult period, as even a cursory look at the books shows that the club cannot survive at its present level of expenditure purely on its operating income.

Scandalous that there should be nothing from the club 'management' on the situation. Maybe they just don't know what is going on?

[NeilInBristol]

Well this is all very exciting. 

 

It's alleged that money used by VLL to subsidise losses made by Rovers has also been used to purchase 53K shares in a Canadian entity, also co-owned by American signer Akon. It's stated that £3.3m was invested and the Bank of India were not informed.

[den]

If this has been posted, my apologies

https://www.lancashiretelegraph.co.uk/sport/23850894.blackburn-rovers-entangled-venkys-indian-government-row/

[Brfcrule1]

10 hours ago, glen9mullan said:

Further turmoil , wonder what fabricated statement the club will put out now, now that VH London are under investigation 

 

https://www.aninews.in/news/national/general-news/ed-seizes-immovable-properties-worth-over-rs-24-cr-of-venkateshwara-hatcheries-under-fema-provisions20231009204844/

 

https://www.easterneye.biz/india-to-seize-hatchery-firms-assets-over-forex-rule-violation/

Glen can you please advise what does this mean for Rovers, how many assets have been seized & surely now they've no choice but to sell?