[Archived] 40 Venky's Premises raided by Indian Tax Officials

[broadsword]

Never mind reputations, I want to see them with their moobs in the mangle. 

American psycho would be choir practice compared to what I'd do

[Bigdoggsteel]

This isnt good news for us, contrary to what some of you are alluding to. It just means Rovers have become even less significant to them. 

They ain't going to sell. 

[A cup of beans]

1 hour ago, Stuart said:

Just goes to show the lack of any damage to their reputation in India.

Going forward we must discredit their family name instead of their brand

[Hasta]

29 minutes ago, Bigdoggsteel said:

This isnt good news for us, contrary to what some of you are alluding to. It just means Rovers have become even less significant to them. 

They ain't going to sell. 

 

They already sell all our valuable  players. They don't invest. They don't make decisions for months.

How could we possibly be less significant?

[1864roverite]

38 minutes ago, Bigdoggsteel said:

This isnt good news for us, contrary to what some of you are alluding to. It just means Rovers have become even less significant to them. 

They ain't going to sell. 

NO THEY MIGHT NOT SELL THE CLUB but THEY MAY JUST GIVE IT AWAY

[Bigdoggsteel]

Just now, Hasta said:

 

They already sell all our valuable  players. They don't invest. They don't make decisions for months.

How could we possibly be less significant?

It will just mean further cutbacks and even less communication. As difficult as that is to believe. 

Just now, 1864roverite said:

NO THEY MIGHT NOT SELL THE CLUB but THEY MAY JUST GIVE IT AWAY

 

If they wouldn't sell us as a championship team, why would they give us away as a league 1 club?

 

[gumboots]

How can you communicate less than they do now?  We all know that statement wasn't them

[Dunnfc]

More than 10% wiped of the company in just two days, fantastic! 

New article suggesting masses of documents missing - https://relationshipscience.com/News/story/after-documents-gets-disappeared-owners-of-masala--6018288

[philipl]

Disappearing documents mean REALLY big trouble.

[Dunnfc]

Just now, philipl said:

Disappearing documents mean REALLY big trouble.

You seen the amount? The new parmalat scandal this

[philipl]

Yes

And where are Parma in the Italian League now?

 

[blueboy3333]

Let's not wind each other up with vague one-liners about 'really big trouble'. This could quite easily amount to nowt as far as BRFC goes, and we'll all be disappointed again.

[philipl]

Just now, blueboy3333 said:

Let's not wind each other up with vague one-liners about 'really big trouble'. This could quite easily amount to nowt as far as BRFC goes, and we'll all be disappointed again.

I was talking in the context of Venky's not Rovers.

Disappearing documents on that scale inevitably means a criminal investigation if true.

For Rovers, the issue is whether this freezes Venky's ability to feed cash over to Blackburn. Almost certainly not but equally certain, many of the taps they could have used to prop up Rovers are switched off today. 

Let's be clear the Indian tax authorities will be watching any movement of funds out of India by banks, companies or individuals like a hawk and the Indian foreign exchange controls will have tightened like a noose around them. If nothing else this means delays of days and weeks in getting cash over to Rovers and Rovers might not have that sort of time to wait. After the way Barclays were bundled out of Ewood, no UK bank would touch them. 

[toogs]

Just now, philipl said:

I was talking in the context of Venky's not Rovers.

Disappearing documents on that scale inevitably means a criminal investigation if true.

For Rovers, the issue is whether this freezes Venky's ability to feed cash over to Blackburn. Almost certainly not but equally certain, many of the taps they could have used to prop up Rovers are switched off today. 

Let's be clear the Indian tax authorities will be watching any movement of funds out of India by banks, companies or individuals like a hawk and the Indian foreign exchange controls will have tightened like a noose around them. If nothing else this means delays of days and weeks in getting cash over to Rovers and Rovers might not have that sort of time to wait. After the way Barclays were bundled out of Ewood, no UK bank would touch them. 

So whats the logical conclusion of this?

[47er]

1 hour ago, Dunnfc said:

More than 10% wiped of the company in just two days, fantastic! 

New article suggesting masses of documents missing - https://relationshipscience.com/News/story/after-documents-gets-disappeared-owners-of-masala--6018288

heh heh! Good news about Venkys at last! Sink you bistards.

[Mike Graham]

Just now, blueboy3333 said:

Let's not wind each other up with vague one-liners about 'really big trouble'. This could quite easily amount to nowt as far as BRFC goes, and we'll all be disappointed again.

BB, I believe the issue is that Venkys will have other concerns than Rovers at present.  They already nigh on ignore us; with the Indian tax authorities showing a keen interest then I doubt they will be shifting any money over to Rovers.  They have done little to invest in the Club over the last couple of years and I cannot for the life of me see why they will change that approach now, especially with their focus being on the tax investigations.

Looking at these in a coolheaded manner we are in even greater trouble.

[Brian-Potter]

Share price has recovered some ground with a sudden spike at around noon of trading. This would suggest that the markets have been fed some information.

What this situation means for Venkys or BRFC depends on what the investigation uncovers and I think it's wrong to speculate without the facts. If the reports about the size of the operation are true then one would expect that the I-T have substantial suspicion something is going on, but we should remember that they could also end up finding very little. Reports of missing documents are very sketchy with little foundation at this stage.

whatever happens this isn't good for Venkys but it's overall impact on their empire and BRFC is an unknown at the moment.

[philipl]

Just now, toogs said:

So whats the logical conclusion of this?

Wait and see and prepare again (Trust et al) just in case a window of opportunity opens.

As always frustrating but all we can do. 

It IS massive for Venky's. A 10% drop in their share price in two days says the Indian financial community says it is massive. Be in no doubt this is the biggest thing to have happened at Venky's since the father died. At the very best, they face years of distraction and suspicion while they are clearing themselves. At the worst, they face crippling fines and/or seizures of assets and/or prison and again years fighting to avoid those outcomes.

For Rovers, we don't know but relegation means the club is in no condition to be able to sit and see it out UNLESS Venky's had already shipped, say, £5m over to Ewood before the raid happened. Let's put it this way, before I heard of these raids, I put the probability of administration at ZERO. Now, not high but not zero.

One consequence is the credibility of Venky's is damaged in the eyes of the authorities and the powers that be if they need to do any special pleading to protect their position at Ewood.

We have got to be ready to absolutely wreck any attempt by Venky's to pass the club's ownership to a mate.  

[Mike Graham]

If I lost 10% of my share portfolio I would be upset and worried.  A 10% loss for them is mega bucks compared to my tiddly sums.

[blueboy3333]

Just now, preston blue said:

BB, I believe the issue is that Venkys will have other concerns than Rovers at present.  They already nigh on ignore us; with the Indian tax authorities showing a keen interest then I doubt they will be shifting any money over to Rovers.  They have done little to invest in the Club over the last couple of years and I cannot for the life of me see why they will change that approach now, especially with their focus being on the tax investigations.

Looking at these in a coolheaded manner we are in even greater trouble.

As you say they've invested nowt in Rovers over the past 18 months. I don't expect that to ever change. My post was to do with tempering expectations that this latest tax episode will suddenly bring the house of cards tumbling and that they will be forced to sell Rovers.

[blueboy3333]

Just now, philipl said:

I was talking in the context of Venky's not Rovers.

Disappearing documents on that scale inevitably means a criminal investigation if true.

For Rovers, the issue is whether this freezes Venky's ability to feed cash over to Blackburn. Almost certainly not but equally certain, many of the taps they could have used to prop up Rovers are switched off today. 

Let's be clear the Indian tax authorities will be watching any movement of funds out of India by banks, companies or individuals like a hawk and the Indian foreign exchange controls will have tightened like a noose around them. If nothing else this means delays of days and weeks in getting cash over to Rovers and Rovers might not have that sort of time to wait. After the way Barclays were bundled out of Ewood, no UK bank would touch them. 

That's assuming they don't hold some  bank accounts in Switzerland, where they do a lot of business/have offices if I'm not mistaken? The trouble is nobody knows where they hold money.

[Mike Graham]

Just now, blueboy3333 said:

As you say they've invested nowt in Rovers over the past 18 months. I don't expect that to ever change. My post was to do with tempering expectations that this latest tax episode will suddenly bring the house of cards tumbling and that they will be forced to sell Rovers.

That is fair enough comment BB.

[Mike Graham]

Just now, blueboy3333 said:

That's assuming they don't hold some  bank accounts in Switzerland, where they do a lot of business/have offices if I'm not mistaken? The trouble is nobody knows where they hold money.

I expect there are numerous notes stuffed into Balaji's bra.

[blueboy3333]

14 hours ago, broadsword said:

Never mind reputations, I want to see them with their moobs in the mangle. 

American psycho would be choir practice compared to what I'd do

Do you like Huey Lewis and The News? Their early work was a little too new wave for my tastes, but when Sports came out in '83, I think they really came into their own, commercially and artistically.

[blueboy3333]

Just now, preston blue said:

I expect there are numerous notes stuffed into Balaji's bra.

Kean had to get his head between those sweaty behemoths and pick it out with his teeth when he need the money for Jordan Slew.