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

[Dunnfc]

Just now, OJRovers said:

So the Venkys listed company is worth c£270m of which the family own 51%?

They must have a large private (unlisted) business to be able to afford putting £200m into Rovers. 

Not exactly, they have quite a number of shares in reserve of which are not currently in circulation but to start entering in circulation they'd need the major shareholders to agree as it would dilute the existing worth of the ones in circulation. So it would be hard to value that "Impact".

VHPL - Vekatashwra Hatcheries PVT is the main group company but Venkys India is one of 29 companies, but appears the largest subsidiary. Difficult to put a worth on them all as in India not all companies have to publish accounts.

1: Venkateshwara Hatcheries Pvt Ltd: the core business, producing and selling one-day old chicks; makers of feed; providers of diagnostic services; flock management and other support services. Directly or indirectly produces 90 per cent of India’s chickens. Supplies all the chicken to (expanding) chains including KFC, McDonald’s, Pizza Hut. Fascinating fact: India consumes 2.8 chickens and 30 eggs per capita per year, a figure that is very low because of the tradition of vegetarianism and the historical high cost of chicken. In Brazil, for example, the corresponding numbers are 38 chickens and 300 eggs. As India develops and becomes richer, the domestic growth potential alone in an industry totally dominated by the VH Group is massive.

2: Venky’s (India) Ltd: processing and pharma primarily. Most recent report (from independent site).

3: VJ Equipment Ltd: makes all kinds of poultry farming hardware, from incubators to feeder, for home and export markets. More here.

4: VR Equipment Ltd: similar to VJE, different range of products.

5: Poultry Development & Promotion Council: commercial firm related to the National Egg Co-Ordination Committee, effectively an economics rights group for poultry farmers.

6: Eastern Hatcheries Pvt: arm of the hatcheries business.

7: Venka Investments Pvt Ltd: investment firm with interests from property to equipment manufacture.

8: Srivenk Investments Pvt: another investment firm, taking stakes in diverse new ventures, including in Lavasa, a planned new ‘green’ city in the hills between Pune and Mumbai. The Rao family were early (independent) investors but the project is experiencing problems over planning and controversy about land acquisition. The project is not a Rao venture, just one of several they have invested in via Srivenk. Fascinating fact: Lavasa is scheduled to be home to a Nick Faldo golf course, a hockey academy, a Steve Redgrave rowing academy, and a Manchester City football academy. City hope to be the first English club with a permanent India academy facility, but with Lavasa’s schedule now uncertain, Blackburn (who plan their own academy in Pune) could beat City to the punch.

9: Bala Entertainment International Pvt Ltd: produces Bollywood movies including the 2005 smash, Dus, starring Shilpa Shetty. More here.

10: B.V.Biocorp Pvt Ltd: Vaccines / feeds.

11: Venkateshwara Biofeed Ltd: Producer of chicken food, vitamins, supplements and other animal feeds.

12: Venco Research & Breeding Farm Pvt Ltd: Breeding farm. More here.

13: Venkateshwara Research & Breeding Farm Pvt Ltd: Breeding farm.

14: Srivenk Broiler Research & Breeding Farm Pvt Ltd: Breeding farm.

15: Srivenk Layer Breeder Farm Pvt Ltd: Breeding farm.

16: Uttara Foods and Feeds Pvt Ltd: Poultry food manufacturer now diversified in human foods.

17: Uttara Poultry & Agri Farms Pvt Ltd: Another feed division.

18: Uttara Hatcheries & Agri Farms Pvt Ltd: Another hatchery division.

19: Uttara Masala Products Pvt Ltd: Consumer goods.

20: Uttara Dairy Food Products Pvt Ltd: Consumer goods.

21: Uttara Biosciences Pvt Ltd: Supplements.

22: Uttara Impex Pvt Ltd: Import-export hub for group operations.

23: Uttara Broiler Breeder Farm Pvt Ltd: Farm / research.

24: Banda Broiler Breeder Farm Pvt Ltd: Farm / research.

25: Banda Layer Breeder Farm Pvt Ltd: Farm / research.

26: Vasu Broiler & Research Farm Pvt Ltd: Farm and associated services to franchisees, customers.

27: Vasu Layer Breeder Farm Pvt Ltd: Farm and associated services to franchisees, customers.

28: All-India Poultry Development & Services Pvt Ltd: Technical services, diagnostics, labs.

[Bigdoggsteel]

We are but a dot to them when you look at that list. 

We don't deserve another frustrating season, but signs suggest nothing has changed  

[tomphil]

Company no 30/31/32.... SEM/Kentaro/Crescendo - These European and Brunei based franchises funded by the Venkys group specialise in acquiring, bleeding and downscaling Blackburn based professional football clubs and gradually liquidising their assets whilst putting a few quid quietly in everyone's back pockets.

[Dunnfc]

Just now, Suhail Slayer said:

So... where does Vencobb feature ? which is part of Cobb Europe down in Colchester who Parent co is Tyson Foods in Canada ?

 

Venco research company is 60 percent owned by Venkys 40 percent owned by Cobb Vantress in which Cobb themselves are wholly owned by Alabama farms Canada which themselves is a subsidiary of Tyson Foods Incorporation USA

[Lancaster Rover]

At what point do we decide that The Rao family are secretly a front for the Rothschilds, Du Ponts or Rockefellar famillies attempts at world domination?

[PAFELL]

Still UK media haven't taken written any articles about this - why.

[Lancaster Rover]

Because a tax investigation into a subsidiary company of a league 1 football club owner unfortunately isn't that interesting to anyone outside of Blackburn. When the media hardly reports election fraud I think the chances of getting this as front page news is going to be hard work.

[davulsukur]

Just now, PAFELL said:

Still UK media haven't taken written any articles about this - why.

Because they (still) don't care

[Dunnfc]

Just now, Suhail Slayer said:

substitute the word Lavasa with Brockhall.... well within the "leisure" terms of the covenant.

Lavasa themselves appear on the verge of liquidation (Lavasa Incorporation).

Land ordered back to the natives - http://www.livemint.com/Politics/H0dylAhaizMqCBySl4OrfK/Maharashtra-govt-orders-Lavasa-to-return-191-acres-of-land-t.html

Asked to make deposit to stop wind up petition - http://economictimes.indiatimes.com/industry/services/property-/-cstruction/lavasa-corp-asked-to-deposit-rs-3-cr-in-capri-global-case/articleshow/54751878.cms

Investors trying to get money back - https://www.vccircle.com/lenders-of-lavasa-up-in-arms-against-distressed-assets-investor-ssg-over-recovery-of-dues/

[J*B]

Morning Balaji. Hope you're having a @#/? day.

[perthblue02]

wrong thread

[Dreams of 1995]

2 hours ago, Dunnfc said:

Lavasa themselves appear on the verge of liquidation (Lavasa Incorporation).

Land ordered back to the natives - http://www.livemint.com/Politics/H0dylAhaizMqCBySl4OrfK/Maharashtra-govt-orders-Lavasa-to-return-191-acres-of-land-t.html

Asked to make deposit to stop wind up petition - http://economictimes.indiatimes.com/industry/services/property-/-cstruction/lavasa-corp-asked-to-deposit-rs-3-cr-in-capri-global-case/articleshow/54751878.cms

Investors trying to get money back - https://www.vccircle.com/lenders-of-lavasa-up-in-arms-against-distressed-assets-investor-ssg-over-recovery-of-dues/

 

The whole Lavasa story stinks. It's no surprise that the likes of the Rao family had some part to play in its existence. Putrid. 

[Kamy100]

3 hours ago, Suhail Slayer said:

substitute the word Lavasa with Brockhall.... well within the "leisure" terms of the covenant.

The Lavasa development is subject to criminal proceedings taken out by Indian government, verdicts on these due soon: http://m.hindustantimes.com/india/maharashtra-government-files-complaint-against-lavasa/story-wJEdgCLuvigQTkjGBHwY4J.html

[lraC]

Sorry, I have missed something here. What is the connection between Venkys and this Lavasa development?

[gumboots]

4 hours ago, Dreams of 1995 said:

Very true.

While these shysters may not be on the road to bankruptcy they are certainly bankrupt of any morality. A quick read of this tells you all you need to know about the types of people we are dealing with: http://www.downtoearth.org.in/coverage/lavasa-exposed-33282

And who is a board member of Lavasa Corp? Madam herself. Are there any rules they don't see themselves above?

Vile cretins is the most apt way I can think of describing them. 

Here's the connection

[tomphil]

Mrs D is an investor in it and director I think ?

[Kamy100]

Yes she is and is one of 12 who are subject to the legal action.

[lraC]

Just now, Kamy100 said:

Yes she is and is one of 12 who are subject to the legal action.

Thanks for the clarification. Do you know why there has been nothing in the UK press about what is happening with the raid by the tax authorities on Venkys? I guess this with Lavasa project is a side show, but if a major story was broken, this in addition would highlight even further how these people have been acting.

[Brian-Potter]

Just now, lraC said:

Thanks for the clarification. Do you know why there has been nothing in the UK press about what is happening with the raid by the tax authorities on Venkys? I guess this with Lavasa project is a side show, but if a major story was broken, this in addition would highlight even further how these people have been acting.

I would say that firstly although this is of major interest to us, as it stands it is not international news worthy, especially because that currently there is no official information, everything so far is from unnamed "sources" and rumours.

Secondly, with Venkys reputation for gagging orders and lawsuits would you risk putting a story out that was based upon this - I don't know if I'm joking or not on this reason :-)

With regards to Lavasa the whole thing stinks but this "scandal" has been ongoing and in the public domain for quite some time now so nothing new in this one.

[lraC]

Just now, Brian-Potter said:

I would say that firstly although this is of major interest to us, as it stands it is not international news worthy, especially because that currently there is no official information, everything so far is from unnamed "sources" and rumours.

Secondly, with Venkys reputation for gagging orders and lawsuits would you risk putting a story out that was based upon this - I don't know if I'm joking or not on this reason :-)

With regards to Lavasa the whole thing stinks but this "scandal" has been ongoing and in the public domain for quite some time now so nothing new in this one.

It is out in the Indian press, so perhaps a UK Publication could start the story, "According to a story gathering pace in the ............. of India.

[Pedro]

5 hours ago, Lancaster Rover said:

At what point do we decide that The Rao family are secretly a front for the Rothschilds, Du Ponts or Rockefellar famillies attempts at world domination?

Could it be that Steve Kean's flickering tongue is just him morphing into a lizard before our very eyes?

[Brian-Potter]

1 hour ago, lraC said:

It is out in the Indian press, so perhaps a UK Publication could start the story, "According to a story gathering pace in the ............. of India.

You would think so but so far seems to have been totally missed outside of India

[philipl]

2 minutes ago, Brian-Potter said:

You would think so but so far seems to have been totally missed outside of India

The American press are missing the monster of the story about Trump and 70 other traitors which is emerging in plain view. 

The press has morphed into the creature of vested interests.

 

OK that was me having a little rant, the indications are that the entire Venky's operation is totally disabled right now. This is no "ordinary" tax raid.

[RoversClitheroe]

Just now, philipl said:

The American press are missing the monster of the story about Trump and 70 other traitors which is emerging in plain view. 

The press has morphed into the creature of vested interests.

 

OK that was me having a little rant, the indications are that the entire Venky's operation is totally disabled right now. This is no "ordinary" tax raid.

What do you think will happen Philip? 

[philipl]

I don't know but this morning I was extremely confident the chances of administration were zero.

Writing this right now I am enormously fearful. I see liquidation or administration for Rovers as the logical conclusion to what has been happening at Ewood since Thursday (BEFORE the tax raid)

The tax raid can only complicate matters.

In India it could be the hubris of the Raos has gone too far and they are in serious difficulty. At best they emerge significantly poorer and somehow avoid criminal charges etc (Mrs D has a criminal charge because of Lavasa I believe) turning into convictions. At worst, perhaps Parmalat.

One thing looks probable, the drip feed of cash to meet Rovers' operational short falls from Pune is in now enormous doubt. Which flips back to why I am now enormously fearful.