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

[tomphil]

Depends how quick Balajis henchmen can get around the inspectors houses after dark. How many are there ?

[Bigdoggsteel]

What strikes me from the pictures of their offices in India, is how ramshackle they look. They look like a 2 star hotel rather than the offices of a multi billion pounds business. 

[K-Hod]

Just now, Bigdoggsteel said:

What strikes me from the pictures of their offices in India, is how ramshackle they look. They look like a 2 star hotel rather than the offices of a multi billion pounds business. 

There's definitely a metaphor in there for how they've run Rovers.....

[gumboots]

Isn't it fur coat and no knickers

[Bigdoggsteel]

Just now, K-Hod said:

There's definitely a metaphor in there for how they've run Rovers.....

It is definitely very telling. Their standards and what is important is completely out of line with this football club. 

What do you know about the chicken industry in India? Probably more than they know about football in England. 

How they were selected as a good option to buy the club is incredible. 

[tomphil]

44 minutes ago, Bigdoggsteel said:

What strikes me from the pictures of their offices in India, is how ramshackle they look. They look like a 2 star hotel rather than the offices of a multi billion pounds business. 

You get the impression it's a corner shop operation that just spiraled very big very quickly. Whether it's an efficient outfit or organised chaos it's greed that usually ruins everything.

[Bigdoggsteel]

Just now, tomphil said:

You get the impression it's a corner shop chicken farm operation that just spiraled very big very quickly. Whether it's an efficient outfit or organised chaos it's greed that usually ruins everything.

Corrected that for you 

[RoversClitheroe]

Does anyone have any news on the latest of this? 

[Parsonblue]

Just now, RoversClitheroe said:

Does anyone have any news on the latest of this? 

I notice that their AGM has been quickly rearranged for Monday next and that their share price is starting to rise again.

[Mullionvagrant]

Venkys' board meeting on May 22, 2017

This is to inform that, meeting of the Board of Directors of Venky's (India) Limited will be held on Monday, 22nd May, 2017, inter alia, to consider, approve and take on record the Audited Financial Results of the Company for year ended 31st March, 2017 and to recommend dividend on equity shares, if any.

Pursuant to Regulations 29(1)(a) and 29(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that, meeting of the Board of Directors of Venky's (India) Limited will be held on Monday, 22nd May, 2017, inter alia, to consider, approve and take on record the Audited Financial Results of the Company for year ended 31st March, 2017 and to recommend dividend on equity shares, if any.Source : BSE

[Mullionvagrant]

http://punemirror.indiatimes.com/pune/civic/i-t-sleuths-search-40-premises-of-venkys/articleshow/58650075.cms

 

Pune Mirror

[RoversClitheroe]

Just now, Parsonblue said:

I notice that their AGM has been quickly rearranged for Monday next and that their share price is starting to rise again.

Now we wait for news of what's happened at Ewood maybe after the AGM.

[JHRover]

1 hour ago, Bigdoggsteel said:

What strikes me from the pictures of their offices in India, is how ramshackle they look. They look like a 2 star hotel rather than the offices of a multi billion pounds business. 

When they took over they barely had a functioning website. I think someone realised with the exposure of buying Rovers that they ought to design a more professional website so they made some improvements, but its still a shambles.

Multi-billion pound businesses have professionally designed websites, this was something an IT student at secondary school could have done a better job at. 

There's something rotten in the state of Denmark....

[OJRovers]

One recent example of when a big 4 audit firm has been called out in numbers was to do forensic work to investigate a fraud where false payments were being made to a high ranking employee.

Not saying that is the case, but it could be. 

[tomphil]

It would be nice if they were going after certain agents and their cronies full tilt I bet there's people on that payroll who've never even drove past Ewood 

[Dunnfc]

15 minutes ago, OJRovers said:

One recent example of when a big 4 audit firm has been called out in numbers was to do forensic work to investigate a fraud where false payments were being made to a high ranking employee.

Not saying that is the case, but it could be. 

In the past yes but all payroll is made from India now

[Pete1981]

http://www.lancashiretelegraph.co.uk/sport/football/rovers/news/15289348.Venky_s_launch_Rovers_overview_by_bringing_in_accountancy_giants_KPMG_and_Deloitte/?ref=mac

[Speedie Dived]

Anyone heard anything about Berg potentially heading a consortium to buy us out?

[Leonard Venkhater]

Just now, Speedie Dived said:

Anyone heard anything about Berg potentially heading a consortium to buy us out?

He could buy the club with his pay off!

[Stuart]

Just now, Speedie Dived said:

Anyone heard anything about Berg potentially heading a consortium to buy us out?

 Nothing would surprise me. It's been like a soap opera storyline for so long - why not?!

[Brian-Potter]

I posted about the re-arranged AGM this morning.

A colleague who is more specialised than myself in this area indicated that this was probably announced as the "tax raids" were concluding. He also said that it could indicate that they have found very little as the AGM is to sign off the accounts for year ended 31st March - no way would any body be signing off accounts if there were irregularities within them. Further compounded by the slight recovery in share price.

At least the LT have reported something on the accountants at Ewood and the Tax Raids but it would appear that our hopes that a third party had sent in their representatives to Ewood is unfounded. I would expect that as reported this had been planned for some time, especially as two firms have been asked to report.

I am trying to think of the scenarios that would contribute to this and any one of the following could be the case:

(1). Venkys have realised they are out of their depth and need professional and experienced advice on how to move forward. Unlikely based upon previous examples.

(2). They are preparing to try to offload the club, this view is strengthened a little by the fact they have asked for two independent reports. Still can't see it though we can hope.

(3). We need to raise funds (we all know that) and we require these reports to secure additional borrowing, again unlikely as normally a business would approach the bank who would then order their own audit before agreeing to anything if the request went beyond the banks normal risk policy for that business.

After considering each I come back to the fact that LT version is pretty much correct.

 

 

 

[Hasta]

Something is afoot. You don't bring in two firms of that size alongside having your existing auditors just to work out your budgets.

[MarkBRFC]

1 minute ago, Hasta said:

Something is afoot. You don't bring in two firms of that size alongside having your existing auditors just to work out your budgets.

Normal buisiness's dont.

Venkys are not normal.

It will be a case of "as you were".

[TBTF]

29 minutes ago, Brian-Potter said:

I posted about the re-arranged AGM this morning.

A colleague who is more specialised than myself in this area indicated that this was probably announced as the "tax raids" were concluding. He also said that it could indicate that they have found very little as the AGM is to sign off the accounts for year ended 31st March - no way would any body be signing off accounts if there were irregularities within them. Further compounded by the slight recovery in share price.

At least the LT have reported something on the accountants at Ewood and the Tax Raids but it would appear that our hopes that a third party had sent in their representatives to Ewood is unfounded. I would expect that as reported this had been planned for some time, especially as two firms have been asked to report.

I am trying to think of the scenarios that would contribute to this and any one of the following could be the case:

(1). Venkys have realised they are out of their depth and need professional and experienced advice on how to move forward. Unlikely based upon previous examples.

(2). They are preparing to try to offload the club, this view is strengthened a little by the fact they have asked for two independent reports. Still can't see it though we can hope.

(3). We need to raise funds (we all know that) and we require these reports to secure additional borrowing, again unlikely as normally a business would approach the bank who would then order their own audit before agreeing to anything if the request went beyond the banks normal risk policy for that business.

After considering each I come back to the fact that LT version is pretty much correct.

 

 

 

Or how much value is there left to extract from anything that can be liquidated.Looks to me like its a squeeze the pips job and once there is nothing left they will simply leave it to die on its own or chuck the keys at someone.I wouldn't even rule out they clear the decks and give it to more Indians.

last weeks statement gets more ludicrous by the minute . Dopey Chesnut will be coming out with the party lines not knowing they have been and gone. 

We all know he is a complete irrelevance and is as thick as but quite how Coar can stay in situ whilst all this goes on around him is borderline criminal in my eyes. He needs to be asked some very serious questions as the one constant throughout this whole debacle.There has to be a reason why the only "local" bloke and link back to Uncle Jack is prepared to sit and get p1ssed and sh1t on by Venkys and is happy to let it carry on without so much as a whimper. The only conclusion has to be that it is for personal gain and suits him to let it happen. If so , he is a disgrace to our Club, disgrace to the memory of JW and disgrace to himself.

[Iceman]

Just now, MarkBRFC said:

Normal buisiness's dont.

Venkys are not normal.

It will be a case of "as you were".

Nope, not in this case. You either bring in one big firm, or a couple of experienced accountants to handle the financial aspect. 

If you bring in 2 big accountancy firms, then it's either points to a potential sale or administration. The other issue, is that Venkys are bringing in these firms to check if their books are clean, because they might be worried that the raids in India could have a direct impact on Rovers which might also be investigated due to those raids. 

It's possible that a potential new buyer has instructed Venkys to bring in both firms, so that they can get the same information Ala a cross reference of what the books look like. 

But worst case scenario, is that they are preparing for administration. 

As I said on twitter, the club won't bring in both firms, to tell them what their books or finances look like. This is extreme, and highly intriguing, and Imo a serious matter. 

If this is a potential sale, the buyer would want assurances from both firms, that a sale is possible, and an easier way to buy the club without any further risk from HMRC in the short term.