Venky’s, HMRC…The Plot Thickens ?

[Guest]

1 minute ago, glen9mullan said:

Their own first quarter report, issued in August which I've already posted the link confirms this, not sure why you'd suggest it's a myth given its public record

Your definition (exaggeration!) and my definition clearly differ.

[Guest]

2 minutes ago, glen9mullan said:

Their own first quarter report, issued in August which I've already posted the link confirms this, not sure why you'd suggest it's a myth given its public record

Share price has consistently been increasing this year tough Glen, unless I'm looking at the wrong company

[dallydally]

Liar liar pants on fire! We aren't thick Venkys 

[47er]

12 minutes ago, broadsword said:

 

I don't get the feeling this is a short term blip, it feels more like the beginning of the end. If it is, will the club fold

No---this club will never fold.

[glen9mullan]

24 minutes ago, JoeH said:

Your definition (exaggeration!) and my definition clearly differ.

The reports definition and wording is what I've quoted "plummeted" is the word used.

 

Shares Plummets 16.34%

net profit down 60.6% 

All this has been provided in their first quarter report.

Always wanted to use this line.

"You can't handle the truth " lol

 

 

 

 

 

11% drop in last month. With the size of venkys, that's not chicken feed.

Edited September 7, 2023 by glen9mullan
add link

[ben_the_beast]

8 hours ago, philipl said:

https://www.lancashiretelegraph.co.uk/sport/23772915.blackburn-rovers-issue-statement-financial-situation/

So Venky's set up VOL ostensibly to invest in their core businesses but instead bought Gary Neville's pad and nothing else.

The Indian authorities seized property to the same value in India over the mislabelling of the purpose of the cash sent to VOL.

The club statement says 

- Rovers remain in business because Venky's make up the difference for all the losses

- Rovers also remain in business because Venky's have made commitments to cover all losses in future sufficient to cover all Rovers future commitments

- so if you are a supplier to Rovers (including employees), the situation is unchanged.

- from the public's point of view, the only support for this statement is Venky's having written a detailed and unequivocal letter to the club's auditors committing to meet all Rovers' legal and commercial obligations for Rovers to remain in business as a football club for the foreseeable future. The auditors state this unequivocally in every audit report issued since Venky's Hatcheries in India became the ultimate owner of Rovers.

 

This is why the club statement is written the way it is. It is mirroring the words used in a letter of support to the auditors

 

Of couse, nothing is being said in the club statement whether budgets are cut or not, or if players have to be sold BUT the club statement would NOT be lying if the underlying reality is Venky's are telling Rovers to do this. They could have cut the support and told Rovers to reduce losses on a planned basis because they will only plug a smaller hole.

That is the nightmare scenario and when JDT says the project has changed, this might be what he is alluding to. It is also possibly the reason for the smokescreen about taxes thrown up to deflect.

 

Being optimistic for a moment, the smokescreen actually did its job in covering a very embarrassing turn of events for Venky's which has now come into the public domain anyway after the window has closed. And it is smokescreen- the assumption is we have all forgotten the time we were googling Indian tax rule changes or talking to our mates in Delhi...

 

Glen speculates the Indian Authorities are now going to look at Venky's London Limited. 

MY best guess is they already have. Nobody launches an expensive overseas investigation without looking at the biggest numbers first. Seriously, if you are told to look at something odd, are you going to crawl over 6m and ignore the 270m washed through the sister company set up at the same time with the same owners and same directors? Of course not.

 

So there is reason for thinking this is contained now unless Venky's London was also described as a chicken company and the Indian Foreign Exchange folks are still in the process of gathering 270m of Venky's Indian assets for seizure- I think such a scenario is highly improbable. And nothing in the club statement would be inconsistent with the whole thing being a bit of Indian Government posturing for geopolitical reasons. Many Indian businesses with overseas operations are having an unusually rough time with Foreign Exchange compliance currently.

 

 

 

I think this is as good a summary/guess around the current situation that anyone can make given the info we have. Cheers @philipl.

The optimist in me is hoping this will be cleared up ASAP and we'll have a bit of Ffp flex in the next couple of windows. Though we're desperate for that clarity, mainly so we can keep hold of JDT by clearly showing the 'project' is back as it was. 

Praying the pessimistic view doesn't happen  and this is just the tip of the iceberg. Venkys actions and words clearly suggest they're going nowhere, so damage to them, damages the club.

[AllRoverAsia]

9 hours ago, jny said:

If you tolerate this then your chickens will be next

Is that a Gxxgled translation of what I quoted or a reaction to my post? 

If a reaction I don't understand it at all.

[broadsword]

Just now, AllRoverAsia said:

Is that a Gxxgled translation of what I quoted or a reaction to my post? 

If a reaction I don't understand it at all.

Spanish civil war propaganda

 

If you tolerate this (bombing) then your children will be next

[LeftWinger]

28 minutes ago, glen9mullan said:

The reports definition and wording is what I've quoted "plummeted" is the word used.

 

Shares Plummets 16.34%

net profit down 60.6% 

All this has been provided in their first quarter report.

Always wanted to use this line.

"You can't handle the truth " lol

 

 

 

 

 

11% drop in last month. With the size of venkys, that's not chicken feed.

You're only showing the bit of the graph that supports your narrative.

[AllRoverAsia]

1 minute ago, broadsword said:

Spanish civil war propaganda

 

If you tolerate this (bombing) then your children will be next

So a translation. Good.

The Spanish origin I have somehow missed over the years.

[Rogerb]

10 minutes ago, LeftWinger said:

You're only showing the bit of the graph that supports your narrative.

If you go back to this graph and press the max button it will show the share price when they bought the club in 2011. It was a fraction of what it is now. So depending how many shares they have they are way better off.

[DavidMailsTightPerm]

16 minutes ago, broadsword said:

Spanish civil war propaganda

 

If you tolerate this (bombing) then your children will be next

My immediate thought was manic street preachers - never seen the Spanish Civil War reference. We learn A little every day 🙂

[glen9mullan]

17 minutes ago, LeftWinger said:

You're only showing the bit of the graph that supports your narrative.

It's not my narrative, it's their own quarter reporting.

https://in.investing.com/news/venkys-plummets-16-on-poor-q1-show-profit-falls-61-profit-margins-affected-3759071

 

 

[rigger]

7 minutes ago, DavidMailsTightPerm said:

My immediate thought was manic street preachers - never seen the Spanish Civil War reference. We learn A little every day 🙂

Every day is a school day.

[broadsword]

Where do you think msp got it from?

 

https://www.iwm.org.uk/collections/item/object/1122

Edited September 7, 2023 by broadsword

[Blow-in]

3 hours ago, tomphil said:

So it isn't their fault they used millions of company money to buy a house in England but listed it as a poultry farm or similar so as to navigate tax rules ?

Oh, ok then it must be Rovers fans fault.

Maybe they can house some of the Turkeys we have playing for us and point out it is a poultry farm afterall?

[Giant]

https://www.bbc.co.uk/news/world-asia-india-66682770
 

Geopolitics. India showing its muscles to the world.

[tomphil]

2 hours ago, Blow-in said:

Maybe they can house some of the Turkeys we have playing for us and point out it is a poultry farm afterall?

Well yes going back to when they bought the house the club was overflowing with creatures that needed putting out to pasture.

[tomphil]

Probably using some of their personal wealth now to hoover up more shares.

[1864roverite]

That bbc article isn’t worth the pages it’s written on! The real issue at hand is whether venkys and their business empire have committed financial crimes in India - that is the be all and end all of it!

Edited September 7, 2023 by 1864roverite

[Mercer]

5 minutes ago, 1864roverite said:

That bbc article isn’t worth the pages it’s written on! The real issue at hand is whether venkys and their business empire have committed financial crimes in India - that is the be all and end all of it!

and what is your knowledge, experience and intuition telling you?

Edited September 7, 2023 by Mercer

[jim mk2]

5 hours ago, DavidMailsTightPerm said:

My immediate thought was manic street preachers - never seen the Spanish Civil War reference. We learn A little every day 🙂

Great track... it's about Welsh miners going to Spain in 1936 to fight Franco's fascists

16 minutes ago, 1864roverite said:

That bbc article isn’t worth the pages it’s written on! The real issue at hand is whether venkys and their business empire have committed financial crimes in India - that is the be all and end all of it!

Venky's and the power of a rising India are connected

[Crimpshrine]

15 hours ago, jny said:

If you tolerate this then your chickens will be next

The only good chicken is a dead one!

[1864roverite]

1 hour ago, Mercer said:

and what is your knowledge, experience and intuition telling you?

It’s telling me someone in their business empire is going to jail 😅 - I cannot see it linking Rovers or the club it’s their business dealings that are under scrutiny Indianhave no jurisdiction over their UK operations that falls under SFO and as we all know nothing appears to be happening with them otherwise the whole footballing world would know of warrants being executed at Ewood, swags house and everyone else linked in the senior management team

[1874]

This has nothing to do with shareholders of Venkys India ltd. 

Venkateshwara Hatcheries Pvt Ltd is not a listed company so no public shareholders.

Edited September 7, 2023 by 1874