Published on Wed, May 13, 2009 at 09:50 | Source : CNBC-TV18, Mint
Updated at Wed, May 27, 2009 at 15:38
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Subhiksha assets worth Rs 800 cr: Lawyer
Subhiksha's lawyer said the company has assets worth Rs 800 crore. He said the crisis ridden retail major has submitted accounts up to November 2008, but declined to give any further details.
Subhiksha's lawyer said the company has assets worth Rs 800 crore. He said the crisis ridden retail major has submitted accounts up to November 2008, but declined to give any further details. ICICI Venture, which is one of the big investors in Subhiksha, is in talks with each other to infuse some more fresh capital. However, another Subhiksha's lawyer said he had some doubts about the Rs 800 crore asset figure that Subhiksha has. Mint's Rasul Bailay and Vidya Sivaramakrishnan and CNBC-TV18's Priyal Guliani report. Here is a verbatim transcript. Also watch the accompanying video. This number is of huge significance because Subhiksha owns its lending banks about Rs 750 crore and it is undergoing the corporate debt restructuring (CDR) process at this point in time. According to Subhiksha's lawyer, information of company's assets was disclosed to Madras High Court on May 5th, that is after Kotak Mahindra had filed a winding up petition. However, the Madras High Court had stayed the appointment of an official liquidator but they had asked the company to submit all the financial details. According to the lawyer, Subhiksha has submitted accounts upto November 2008 and has declined to give any further details. However, he has also pointed out that ICICI Venture which is one of the big investors in Subhiksha that they are in talks with each other to infuse some more fresh capital. Another Subhiksha's lawyer said that the company is yet to submit accounts and he had some doubts about Rs 800 crore figure of assets that Subhiksha has. When we contacted ICICI Ventures, their response was that we continue to work with lenders and other stake holders to examine the prospects of reviving the company. Meanwhile the MD of Subhiksha, R Subramanian, in his response said, "We are working on the CDR package- all infusions by lenders and share holders would be part of the restructuring. We will issue formal media updates as and when there are facts to updates." So there is room for many numbers to be coming in and we will have to wait and watch as to what is really been filed at the High Court.
Subhiksha's lawyer said the company has assets worth Rs 800 crore. He said the crisis ridden retail major has submitted accounts up to November 2008, but declined to give any further details. ICICI Venture, which is one of the big investors in Subhiksha, is in talks with each other to infuse some more fresh capital. However, another Subhiksha's lawyer said he had some doubts about the Rs 800 crore asset figure that Subhiksha has. 
