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

[4000Holes]

Possible Message from Venkys to the accountants and auditors.

Guys, remember who is paying your invoices.

We want to rid ourselves of this football club, so we are relying on yourselves to be able to extract ourselves, however we are aware that there is possibly some dirty business that may be exposed if we should just walk away or call in administration.  Anything of this nature, albeit alleged, would not be in our interest if it was to be made public, particularly with Indian government authorities all over our businesses here.  

Therefore, make sure there is nothing that could possibly expose us to any bad publicity.  You have 4 weeks to present us with possible solutions and then we will make a decision within the next 18 months.

[Stuart]

Just now, 4000Holes said:

Possible Message from Venkys to the accountants and auditors.

Guys, remember who is paying your invoices.

We want to rid ourselves of this football club, so we are relying on yourselves to be able to extract ourselves, however we are aware that there is possibly some dirty business that may be exposed if we should just walk away or call in administration.  Anything of this nature, albeit alleged, would not be in our interest if it was to be made public, particularly with Indian government authorities all over our businesses here.  

Therefore, make sure there is nothing that could possibly expose us to any bad publicity.  You have 4 weeks to present us with possible solutions and then we will make a decision within the next 18 months.

That's an horrific prospect.  

The thought this lot allowing 18 more months of this @#/?... and then getting away scot free!

[Iceman]

Just now, Stuart said:

That's an horrific prospect.  

The thought this lot allowing 18 more months of this @#/?... and then getting away scot free!

Poor Scots, taking the blame again

[gumboots]

Skat' is a Scandinavian word for tax or payment and the word migrated to Britain and mutated into 'scot' as the name of a redistributive taxation, levied as early the 10th century as a form of municipal poor relief.

'Scot' as a term for tax has been used since then in various forms - Church scot, Rome scot, Soul scot and so on. Whatever the tax, the phrase 'getting off scot free' simply refers to not paying one's taxes.

No one likes paying tax and people have been getting off scot free since at least the 11th century. 

 

 

seems quite an appropriate phrase for this lot

[perthblue02]

28 minutes ago, TBTF said:

 

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.

Know it has been posted before , But it could have been beneficial that a Fa man was kept onboard for all parties involved in the scam takeover , Venky's ,the investment fund, The protected FA business partners (with former FA employees) the FA's most protected agent etc.

 

Silent Coar standing for FA council 

Football powerbroker Robert Coar’s standing as an FA councillor and a member of the FA Professional Game Board is down to him keeping his position as a Blackburn director after the Venky’s takeover. 

But Coar has kept remarkably silent, despite the clamour from fans for more communication from the board about how the Indian-owned club are being run, especially as he is the only senior representative remaining from previous Blackburn regimes.

Read more: http://www.dailymail.co.uk/sport/article-2086450/Agent-Jerome-Anderson-takes-legal-advice-Blackburn-abuse-Charles-Sale.html#ixzz4hGsYCboj 

[Garage Flower]

It isn't usual practice to bring in two of the big four accountancy firms. Something is happening, what? Who knows. I'm sure we'll find out at some point.

[Claytons Left Boot]

Be interesting if the tax investigation in India found some irregularities in one or two of Venky's subsidiaries linked to BRFC. Money laundering and the like which would prompt HMRC over here to get involved. Can't see it myself but stranger things have happened.

[1864roverite]

BRFC for sale (or giveaway) that's the reason, it has to be.

Administration wont do anything for Venkys, they will still have to pay the bills.

 

 

[Dunnfc]

Just now, 1864roverite said:

BRFC for sale (or giveaway) that's the reason, it has to be.

Administration wont do anything for Venkys, they will still have to pay the bills.

 

 

Might not do anything for venkys but when you owe the bank 74 million and some of it unsecured it aint your decision.

[Irishrover213]

It could be the case in the short term ie what do we need to do to get as much as we can from the club now that all obvious good assets Rhodes cairney Jones etc have all been sold.  what is left to sell and how much can we get for it ie  Ewood, Brockhall. 

Once we have done this how much could we get for the club. 

They truly have stuck the knife into the soul of this club and ripped everything out of it.

I am really worried about the next few weeks what if anything will be left of our once great club.

 

[RoversClitheroe]

From asking around. You'd only bring 2 companies in alongside the current company you already employ to put the company into administration or to sell.

[Garage Flower]

Just now, RoversClitheroe said:

From asking around. You'd only bring 2 companies in alongside the current company you already employ to put the company into administration or to sell.

That's the impression I have as well/hope.

[Irishrover213]

Just now, RoversClitheroe said:

From asking around. You'd only bring 2 companies in alongside the current company you already employ to put the company into administration or to sell.

I hope it's the latter 

[OJRovers]

Scenario could be that Venkys have been made an offer from a potential buyer. They have got the 2 firms in to see if it is a reasonable offer or for the two firms to act as independent valuations of the business. 

[RoversClitheroe]

Have a feeling people on this forum know but aren't saying, please do if so 

New York Rover apparently has some big news if you look on Facebook, not sure what however.

[Dunnfc]

Just now, OJRovers said:

Scenario could be that Venkys have been made an offer from a potential buyer. They have got the 2 firms in to see if it is a reasonable offer or for the two firms to act as independent valuations of the business. 

What they going to buy it for, a quid? Any potential offer is a quid in any case, no one will take the debt on so at best the bank would look to try and come to a deal over the overdraft what remains unsecured (14.5 milion), similar to venkys and Barclays after the trust and before they defaulted which was for two years to put 5 million aside at interim times (6 months) to Barclays and gradually lower but the v's couldn't even do that right. 

A quid for the shares, someone inherits the 7-10 million trade creditors and offers a small sum to the bank would be my guess if you were purchasing the club.

Only reason imo they are here is venkys won't or can't pay back the loans so the bank have sent the team in, in this case kpmg to asses the asset value of items they think they can sell, they'll quickly realise allot of it can't be sold without lengthy legal battles and go back to VHPL for monies given they PCG'd them in the first place.

We will then hit the admin drop by wednesday/thursday i suspect.

[RoversClitheroe]

Just now, Dunnfc said:

What they going to buy it for, a quid? Any potential offer is a quid in any case, no one will take the debt on so at best the bank would look to try and come to a deal over the overdraft what remains unsecured (14.5 milion), similar to venkys and Barclays after the trust and before they defaulted which was for two years to put 5 million aside at interim times (6 months) to Barclays and gradually lower but the v's couldn't even do that right. 

A quid for the shares, someone inherits the 7-10 million trade creditors and offers a small sum to the bank would be my guess if you were purchasing the club.

Only reason imo they are here is venkys won't or can't pay back the loans so the bank have sent the team in, in this case kpmg to asses the asset value of items they think they can sell, they'll quickly realise allot of it can't be sold without lengthy legal battles and go back to VHPL for monies given they PCG'd them in the first place.

We will then hit the admin drop by wednesday/thursday i suspect.

They'd also obviously completely cut out the £106m debt. 

Effectively a clean sheet, however we would probably get a 15 point deduction. Rather that than have Venkys in charge. 

[Mike Graham]

Sadly we are all guessing and hoping.  For what it is worth I cannot see the Venkys spending £800,00K+ on x2 sets of accountants and it be business as usual.

Something is cooking and I do not like the smell of it.  I have never been a fan of chicken.

[Dunnfc]

Just now, RoversClitheroe said:

They'd also obviously completely cut out the £106m debt. 

Effectively a clean sheet, however we would probably get a 15 point deduction. Rather that than have Venkys in charge. 

Think it's still a minus 12 point deduction for entering admin isn't it?

120 million in £1.00 shares is worthless, zilch.

87.5 million owed to VLL owed to VHPL owed largely to the SBOI - They'll find out soon rovers have nothing, chase venkys for the cash secured against VHPL.

The overdraft of 15 million is unsecured which is what i think they are at rovers for to try and claw this back anyway they can, will realise they can't and try and replicate the above.

we've around 10 million trade creditors (last accounts) plus some which we will have picked up along the way with cash now tight, these are the liabilities a new buyer will take on in return for the assets and to exit via cva if placed in admin, or just liabilities any buyer would take on in exchange for the assets. 

 

 

[Dunnfc]

Just now, preston blue said:

Sadly we are all guessing and hoping.  For what it is worth I cannot see the Venkys spending £800,00K+ on x2 sets of accountants and it be business as usual.

Something is cooking and I do not like the smell of it.  I have never been a fan of chicken.

No?

[Mike Graham]

Those look absolutely disgusting Dunnfc.  Do people eat that sh**e?

[Mike Graham]

Just now, Dunnfc said:

Think it's still a minus 12 point deduction for entering admin isn't it?

120 million in £1.00 shares is worthless, zilch.

87.5 million owed to VLL owed to VHPL owed largely to the SBOI - They'll find out soon rovers have nothing, chase venkys for the cash secured against VHPL.

The overdraft of 15 million is unsecured which is what i think they are at rovers for to try and claw this back anyway they can, will realise they can't and try and replicate the above.

we've around 10 million trade creditors (last accounts) plus some which we will have picked up along the way with cash now tight, these are the liabilities a new buyer will take on in return for the assets and to exit via cva if placed in admin, or just liabilities any buyer would take on in exchange for the assets. 

 

 

Plus the day-to-day Club and Academy running costs of £20M plus per year.

 

We are doomed Captain Mainwairing.....doomed!

[Dunnfc]

Just now, preston blue said:

Plus the day-to-day Club and Academy running costs of £20M plus per year.

 

We are doomed Captain Mainwairing.....doomed!

Down to 10.7 million i think in last accounts.

[blueboy3333]

Just now, Dunnfc said:

Think it's still a minus 12 point deduction for entering admin isn't it?

Phew. I was worried we'd start at a disadvantage.

[Mike Graham]

Just now, Dunnfc said:

Down to 10.3 million i think in last accounts.

What is £9.7 million in the scheme of things.....chicken feed ;-