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

[blueboy3333]

I'm out of my depth here but could Venky's view Rovers as just a loss-making arm of their whole enterprise that can be used as a tax loss against their more profitable areas?

[lraC]

In terms of this being swept under the carpet and everything returns to normal with Rovers, hopefully not. The number of articles this week, means that because of the relegation, we are getting more publicity than normal and a lot is anti Venkys. It is our duty now to try to ramp this up and get this tax swoop out there. Maybe focus on the FA and how fit and proper these people now appear to be.

[broadsword]

It does make you wonder. A labyrinthine corporate structure, difficult to ascertain wealth, rumours that they're not as rich as thought, taps turned off at Rovers. And now a tax raid.

I don't think they could go boobs up, but it does make you wonder.

[MCMC1875]

Just now, Glenn said:

Just been talking to one of the guys at work who is familiar with the Indian Tax raids, he said there tend to be two approaches. One is to swiftly come to some agreement that conveniently results in the case going back to the bottom of the pile. The other he said is more akin to a customs search, where they go in mob-handed and literally rip the place apart, not simply politely ask for the books.

If it's made the news, path B sounds more likely.

 

 

Well today's board meeting has been cancelled.

http://economictimes.indiatimes.com/venky's-india-ltd/stocks/companyid-12827.cms

[Leonard Venkhater]

Just now, lraC said:

In terms of this being swept under the carpet and everything returns to normal with Rovers, hopefully not. The number of articles this week, means that because of the relegation, we are getting more publicity than normal and a lot is anti Venkys. It is our duty now to try to ramp this up and get this tax swoop out that. Maybe focus on the FA and how fit and proper these people now appear to be.

Ramp it up, indeed. 

Off the top of my head, we have articles in national/international press to send comments etc, the election stuff, the march on Wembley, the Elton John concert etc, which is not bad for a close season.....

[tomphil]

This kind of thing though may highlight why they won't flog the club and would only maybe consider someone of their ilk if they did to ensure stuff stayed under the radar.

There may be all sorts hidden in the books and numbers crunched in India then run through Rovers.

[MCMC1875]

5 minutes ago, Leonard Venkhater said:

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[RoversClitheroe]

Could delay any sort of Mowbray Venkys talks and any plans. 

[lraC]

Just now, tomphil said:

This kind of thing though may highlight why they won't flog the club and would only maybe consider someone of their ilk if they did to ensure stuff stayed under the radar.

There may be all sorts hidden in the books and numbers crunched in India then run through Rovers.

I suspect that is something close to the truth and the exact reason why the footballing authorities for starters need to get off their backsides and have a proper look. As most people know on here, none of this makes any sense, so over to the powers that be.

[Leonard Venkhater]

Just now, lraC said:

I suspect that is something close to the truth and the exact reason why the footballing authorities for starters need to get off their backsides and have a proper look. As most people know on here, none of this makes any sense, so over to the powers that be.

A tasteless metaphor( again!!), but ..

Some time around 1988 someone approaches Fred and Rose West and offers mega bucks for their run down property,

Take me from there,,

[47er]

Not getting my hopes up about this. for a start the Indian justice system is notoriously slow.

Secondly its open to bribery.

Venkys will get out of it.

[lraC]

Just now, Leonard Venkhater said:

A tasteless metaphor( again!!), but ..

Some time around 1988 someone approaches Fred and Rose West and offers mega bucks for their run down property,

Take me from there,,

And they turn the offer down. Reminds me a bit of Uncle Jack buying a certain property in Nuttall Street and digging up the drains. I will forgive the tasteless metaphor, as I would not be surprised what eventually come out of the drains, once this is all uncovered.

[lraC]

I know someone has posted in the past, that Venkys will agree to sell, but only to another foreign owner. Is this on record anywhere, as not only is it racist, but it could be another point to pass on to anyone prepared to investigate. What reason, other than a cover up, would make bother who bought the club?

[Dunnfc]

2 hours ago, lraC said:

I know someone has posted in the past, that Venkys will agree to sell, but only to another foreign owner. Is this on record anywhere, as not only is it racist, but it could be another point to pass on to anyone prepared to investigate. What reason, other than a cover up, would make bother who bought the club?

If that's the case il set it up for whoever fancies buying it

[JHRover]

As far as I can see the only basis for the claim that Venkys will only ever sell to a foreign group is on the grounds of the utter contempt they have shown for people like Battersby and other local people who have tried over the years to work with them or buy them out. On each of those occasions Venkys have shown complete ignorance and refused to even get round a table with these people. Factor that in with them doing all their business overseas and I think a big assumption has been reached that they would only ever sell foreign.

Of course if they were keen to sell but for some racist/unknown reason were not prepared to do business with local people then their chances of a sale would be a million times higher in the Championship than League One and we would have seen far greater efforts made to keep us there as the value of the club and appeal to new owners from overseas is so much greater. In League One local ownership is likely to be the best chance they will get to get out of this.

It seems to be a lot of putting two and two together really. Venkys have never given any indication whatsoever that they would even entertain a bid for the club regardless of where the bidder was from and if they were in a predicament where they were struggling to pay the bills and desperate to get out then I expect they would sell/hand over to anyone interested, as the queue won't be stretching round the block.

[Brian-Potter]

I'm not sure how much there is in this story about the tax raid. As a listed company I would have expected this to be all over the Indian media by now. So far we have one tweet from an Indian News Source nothing further. The fact the alleged raid took place on the same date that their AGM was due to take place, which was then cancelled could add a little creditability to the rumour but could equally discredit it as someone making "mischief" on the day their figures were to be announced.

Ethier way i would have expected more on this by now.

Edit: Share price is down 5% today, I expect that is more to do with the postponement of the meeting than the tax issue as I would expect an even larger drop if was due to that.

[Brian-Potter]

Looks like I might have been wrong!  See below which has a little more detail about the raids. Also saying it relates to non payment of taxes! 

http://www.punekarnews.in/venkys-40-premises-raided-by-it-dept-across-india/

[tomphil]

Probably won't affect them or Rovers in anyway but it's just nice to see them getting some aggro at home seeing as we can't give them any. Also shows they are a set of duckers and divers as I've long known not this dumb family sat on a load of inherited money and wondering how to spend it.

Can always hold out hope that someone in India sees something marked VLL or BRFC in their books and thinks it's worth pursuing.

[Stuart]

Well, they got Al Capone...

[JBiz]

If Balaji has tax charges brought against him, the FA can force him to relinquish direct control but not ownership? Is that the correct assumption? 

[Dunnfc]

Just now, Biz said:

If Balaji has tax charges brought against him, the FA can force him to relinquish direct control but not ownership? Is that the correct assumption? 

Far as I understand it then yes.

I raised the issue of his court appearances in the letter some which relate to income tax etc. You have to remember that these people sometimes delegate to accountants there affairs and as such it's normally a b0ll0ck dropped by them as opposed to the man in court etc.

[philipl]

40 locations across the country is a big co-ordinated raid.

There is a local Government issue over the land against which the BoI loans were taken out as security which is a prime reason the taps were turned off as far as I understand.

So one way or another, Venky's are not terribly popular with the powers that be over there. 

 

 

[Dunnfc]

Just now, philipl said:

40 locations across the country is a big co-ordinated raid.

There is a local Government issue over the land against which the BoI loans were taken out as security which is a prime reason the taps were turned off as far as I understand.

So one way or another, Venky's are not terribly popular with the powers that be over there. 

 

 

Is it perverse I have my fingers crossed!!!!!

[West Yorks Rover]

The  UK press/media don't appear to have picked this up yet.

[Leonard Venkhater]

Just now, West Yorks Rover said:

The  UK press/media don't appear to have picked this up yet.

Not on Radio Lancs hahaha!