Venky’s v Indian Government (a) - 13/11/2024 - Re-Arranged Challenge Match

[Brian-Potter]

Interestingly the date for the ED to reply to the court petition made on 23/09/24 was by 21/10/24.
 

On the 14/10/24 Venkateshwara Hatcheries PVT Ltd, which is the company under investigation in India and Venkys main holding company that provides investment and remittances to its subsidiaries injected a further £3.7m via share capital into Venkateshwara London Limited, which is the company they set up to purchase and now owns the training complex. Link below:

https://find-and-update.company-information.service.gov.uk/company/13452736/filing-history
 

To me it would seem more than a coincidence that they have issued £3.7m of funding via share capital three weeks after making that submission to the court. 

The last issue of share capital was 12 months ago but was funded by a secured loan from Crossbaron - as you can see the charge is registered just before the issue of the share capital. However this time, no new charge or amendment to the existing charge has been filed. Now it is possible that the original charge allowed for further cash advances in the future, but I think that given the notice filed to the court on 23/09/24 followed by the injection of share capital some 3 weeks later may mean that something in India has changed. 

 

 

[davulsukur]

2 hours ago, 47er said:

I wonder how relevant this case is anyway. Suppose Venkys "won" and the Court gave them permission to send unlimited funds to the club?

Does anyone believe they would?

Sooner or later, they'll have to start propping the club up again. There are no more Wharton/Szmodics sales on the horizon. Might get a good sum for Tyjon in the few years but we are some way off that yet.

[SIMON GARNERS 194]

The Club has been told to wash its own face and I think its just getting by.

The reality is its effecting even our ability to survive at this second tier level..scrape through the season at best.

[simongarnerisgod]

23 minutes ago, SIMON GARNERS 194 said:

The Club has been told to wash its own face and I think its just getting by.

The reality is its effecting even our ability to survive at this second tier level..scrape through the season at best.

we just got by in the 80`s but everyone involved in the club had it`s best intentions at heart and it was properly run,you can`t say that with the current lot,they are running it for their own gain

[SIMON GARNERS 194]

8 minutes ago, simongarnerisgod said:

we just got by in the 80`s but everyone involved in the club had it`s best intentions at heart and it was properly run,you can`t say that with the current lot,they are running it for their own gain

Absolutely.

Now?...God help us.

[arbitro]

Can anybody confirm if they have sent any money over apart from the back end of last year and to settle a tax bill earlier this year? I can't remember them doing so which effectively means we have been surviving on transfer instalments, the pittance brought in on season ticket money and a failing commercial department. 

 

[Waggy76]

3 hours ago, 47er said:

I wonder how relevant this case is anyway. Suppose Venkys "won" and the Court gave them permission to send unlimited funds to the club?

Does anyone believe they would?

I want them to lose the case and have to put the club in to administration! 

[Brian-Potter]

53 minutes ago, arbitro said:

Can anybody confirm if they have sent any money over apart from the back end of last year and to settle a tax bill earlier this year? I can't remember them doing so which effectively means we have been surviving on transfer instalments, the pittance brought in on season ticket money and a failing commercial department. 

 

£3.7m a couple of weeks ago from VHPL to Venkateshwara London Ltd as per the link in my previous post. Otherwise nothing.

[arbitro]

3 minutes ago, Brian-Potter said:

£3.7m a couple of weeks ago from VHPL to Venkateshwara London Ltd as per the link in my previous post. Otherwise nothing.

I missed that - thanks.

By my reckoning then they have sent around £19m since the case came to light for which they will have had to have matched under the terms set by the court.

[wilsdenrover]

6 minutes ago, arbitro said:

I missed that - thanks.

By my reckoning then they have sent around £19m since the case came to light for which they will have had to have matched under the terms set by the court.

£18,225,000.

[Herbie6590]

2 hours ago, Waggy76 said:

I want them to lose the case and have to put the club in to administration! 

Given the Wharton, Szmodics, Raya & new TV deal money I reckon the club can self-fund for quite a while yet, assuming a robust control of costs in the meantime.

[Waggy76]

1 hour ago, Herbie6590 said:

Given the Wharton, Szmodics, Raya & new TV deal money I reckon the club can self-fund for quite a while yet, assuming a robust control of costs in the meantime.

It is only a matter of time, the sooner the better in my opinion... 

[tomphil]

I presume this money was to pay for something like a loan or summat ?

Odd that its gone on the books of that company not not the usual way into VLL.

Perhaps it's funds from a house sale....

[Upside Down]

3 minutes ago, tomphil said:

I presume this money was to pay for something like a loan or summat ?

Odd that its gone on the books of that company not not the usual way into VLL.

Perhaps it's funds from a house sale....

They did that with the last lot. It got sent to one company and moved about before going to the club.

[Herbie6590]

2 hours ago, Waggy76 said:

It is only a matter of time, the sooner the better in my opinion... 

Well we can’t sell Wharton, Szmodics & Raya again so yes, at some point, the er chickens will come home to roost…but I doubt we will have the issue we had in January for a good while though…

[tomphil]

44 minutes ago, Upside Down said:

They did that with the last lot. It got sent to one company and moved about before going to the club.

Inter company loans i wonder 🤨

[Forever Blue]

6 hours ago, Brian-Potter said:

Interestingly the date for the ED to reply to the court petition made on 23/09/24 was by 21/10/24.
 

On the 14/10/24 Venkateshwara Hatcheries PVT Ltd, which is the company under investigation in India and Venkys main holding company that provides investment and remittances to its subsidiaries injected a further £3.7m via share capital into Venkateshwara London Limited, which is the company they set up to purchase and now owns the training complex. Link below:

https://find-and-update.company-information.service.gov.uk/company/13452736/filing-history
 

To me it would seem more than a coincidence that they have issued £3.7m of funding via share capital three weeks after making that submission to the court. 

The last issue of share capital was 12 months ago but was funded by a secured loan from Crossbaron - as you can see the charge is registered just before the issue of the share capital. However this time, no new charge or amendment to the existing charge has been filed. Now it is possible that the original charge allowed for further cash advances in the future, but I think that given the notice filed to the court on 23/09/24 followed by the injection of share capital some 3 weeks later may mean that something in India has changed. 

 

 

So perhaps they’ve been successful in challenging the court ruling that they had to provide an equivalent bond for every £ they sent over here?

January war chest incoming! 

[Armchair supporter supremo]

11 hours ago, 47er said:

I wonder how relevant this case is anyway. Suppose Venkys "won" and the Court gave them permission to send unlimited funds to the club?

Does anyone believe they would?

Highly unlikely they would. But they would at least need to manifest a new outlandish excuse not to

Edited 23 hours ago by Armchair supporter supremo

[simongarnerisgod]

makes you wonder if they are punishing us for mr venkys snowball in the face,must have been a great dishonour for him,especially when they obviously expected cheers and adulation😅

[Penwortham Blue]

As I understand it, now that they have seen the club self-funding, they have no interest in going back to sending over £20m a year whatever the outcome of any court case. Death by a thousand cuts to the heart and soul of Blackburn Rovers.

[47er]

1 hour ago, Armchair supporter supremo said:

Highly unlikely they would. But they would at least need to manifest a new outlandish excuse not to

One of the few things they are capable of!

[Upside Down]

If they do send any money over it will be the absolute minimal amount. Whatever scam they've been running since 2010 has been rumbled and they're under the microscope now.

The best thing for all parties is for them to sell and then fuck off back to the toxic cesspool they emerged from.

 

[simongarnerisgod]

1 hour ago, Penwortham Blue said:

As I understand it, now that they have seen the club self-funding, they have no interest in going back to sending over £20m a year whatever the outcome of any court case. Death by a thousand cuts to the heart and soul of Blackburn Rovers.

good luck self funding with the personel at the club,adam whartons don`t come along every season and unless you`ve got a really good scouting network we ar`nt going to get the players to sell on at a profit,we`ve already flogged everyone of any value,there is`nt anyone left bar cantwell and the injured carter,even cantwell won`t get you more than 3 million and who do we replace him with???????

administration can`t come soon enough for me

[roverblue]

My money is on yet another delay, the Indian court system seems a complete joke based on how it was explained to work last time. Giving a judge 100+ cases to deal with in a day then putting those he/she doesn't get to at the back of the queue months down the line seems a bonkers way to run a court system.

[tomphil]

If the club has ended up in a period of being self sustaining because of this then there is absolutely no better time to put it up for sale.

Needing 10 mill a year funding suddenly makes it more attractive than needing 20.