Venky’s v Indian Government (a) - 25/3/2025 - Perennially Re-Arranged Challenge Match

[philipl]

Has anyone got a copy of the rumoured (several sources) recent Indian press story?

A scouring of the internet produced the most comprehensive answer from Perplexity:

There is currently no confirmed source directly stating that Venky's are selling Blackburn Rovers. However, there are ongoing discussions and speculation regarding the financial difficulties faced by Venky's, particularly due to a tax dispute with the Indian government that has affected their ability to fund the club effectively.

1. Tax Dispute: Venky's are involved in a significant tax dispute in India, which has led to the seizure of assets and restrictions on transferring funds to Blackburn Rovers. This situation has raised concerns about their long-term commitment to the club and its financial stability
   .
2. Financial Struggles: Reports indicate that despite having invested around £184 million into the club, Blackburn Rovers has not seen significant success on the pitch and remains in a precarious financial position. The Indian courts now have control over Venky's finances, complicating matters further
   .
3. Speculation on Sale: While there have been past instances where Venky's dismissed rumors of a sale, there is an underlying sentiment among fans and analysts that if financial conditions do not improve, a sale could become a possibility in the future
   .

The current narrative suggests that while there is speculation about a potential sale, no official announcement or credible source confirms that Venky's are actively seeking to sell Blackburn Rovers at this time.

Edited October 24, 2024 by philipl

[Mattyblue]

1 hour ago, philipl said:

‘The club might now be in non league and sharing a training ground with Accrington Stanley… but the current narrative suggests that while there is speculation about a potential sale, no official announcement or credible source confirms that Venky's are actively seeking to sell Blackburn Rovers at this time.’

 

[tomphil]

Prepping for more sales and budget slashing in the near future as they continue to fiddle around with a situation that will not resolve itself.

[Crimpshrine]

The club may not be actively looking to sell but I wonder if potential buyers have spotted an opportunity?

Venky's obviously don't want to continue investing under their current restrictions - they may be tempted to sell now more than at any other time. They may be persuaded to sell at a reasonable price.

Given the very good FFP situation at the club due to recent self funding, a decent position in the league and owners with cash flow problems,  Rovers may be popping up at the top potential buyers' lists.  Fingers crossed. 

[simongarnerisgod]

5 minutes ago, Crimpshrine said:

The club may not be actively looking to sell but I wonder if potential buyers have spotted an opportunity?

Venky's obviously don't want to continue investing under their current restrictions - they may be tempted to sell now more than at any other time. They may be persuaded to sell at a reasonable price.

Given the very good FFP situation at the club due to recent self funding, a decent position in the league and owners with cash flow problems,  Rovers may be popping up at the top potential buyers' lists.  Fingers crossed. 

the chicken murderers have never shown any intention to sell in their whole wretched tenure,there is obviously something in it that benefits them

[lraC]

8 hours ago, philipl said:

Has anyone got a copy of the rumoured (several sources) recent Indian press story?

A scouring of the internet produced the most comprehensive answer from Perplexity:

There is currently no confirmed source directly stating that Venky's are selling Blackburn Rovers. However, there are ongoing discussions and speculation regarding the financial difficulties faced by Venky's, particularly due to a tax dispute with the Indian government that has affected their ability to fund the club effectively.

1. Tax Dispute: Venky's are involved in a significant tax dispute in India, which has led to the seizure of assets and restrictions on transferring funds to Blackburn Rovers. This situation has raised concerns about their long-term commitment to the club and its financial stability
   .
2. Financial Struggles: Reports indicate that despite having invested around £184 million into the club, Blackburn Rovers has not seen significant success on the pitch and remains in a precarious financial position. The Indian courts now have control over Venky's finances, complicating matters further
   .
3. Speculation on Sale: While there have been past instances where Venky's dismissed rumors of a sale, there is an underlying sentiment among fans and analysts that if financial conditions do not improve, a sale could become a possibility in the future
   .

The current narrative suggests that while there is speculation about a potential sale, no official announcement or credible source confirms that Venky's are actively seeking to sell Blackburn Rovers at this time.

Hi Philip,

There is this, which has been posted on here before, but nothing recent.

It remains to be seen if anything comes of the new court date, as another adjournment and a further kicking down the road of said can, will surely create further unrest and speculation.

ED seizes immovable properties worth over Rs 24 cr of Venkateshwara Hatcheries under FEMA provisions

[simongarnerisgod]

one can only hope venkys have upset someone in influential indian political  circles and are going to be ruined

[RoversClitheroe]

On 24/10/2024 at 12:53, Crimpshrine said:

The club may not be actively looking to sell but I wonder if potential buyers have spotted an opportunity?

Venky's obviously don't want to continue investing under their current restrictions - they may be tempted to sell now more than at any other time. They may be persuaded to sell at a reasonable price.

Given the very good FFP situation at the club due to recent self funding, a decent position in the league and owners with cash flow problems,  Rovers may be popping up at the top potential buyers' lists.  Fingers crossed. 

American consortiums allegedly have a big interest in us, but that was a few months ago and not heard anything since?

[Upside Down]

14 minutes ago, RoversClitheroe said:

American consortiums allegedly have a big interest in us, but that was a few months ago and not heard anything since?

I'd settle for just about anything other than what we have.

[Armchair supporter supremo]

Go on then. Humour me! 

When is the next half arsed attempt at this court case?

[philipl]

7 hours ago, Armchair supporter supremo said:

Go on then. Humour me! 

When is the next half arsed attempt at this court case?

This month but almost certainly not.

[wilsdenrover]

8 hours ago, Armchair supporter supremo said:

Go on then. Humour me! 

When is the next half arsed attempt at this court case?

November 13th

 

[wilsdenrover]

Did we all miss the below or was it just me?

https://dhcappl.nic.in/dhcorderportal/GetOrder.do?ID=svn/2024/100025571727103544988_38119_79662023.pdf

Edited November 3, 2024 by wilsdenrover

[rigger]

45 minutes ago, wilsdenrover said:

Did we all miss the below or was it just me?

https://dhcappl.nic.in/dhcorderportal/GetOrder.do?ID=svn/2024/100025571727103544988_38119_79662023.pdf

So the reply date from the ED would be, by the 4th of November.

[lraC]

50 minutes ago, rigger said:

So the reply date from the ED would be, by the 4th of November.

No it’s 21/10/24 so reply date already passed.

[SIMON GARNERS 194]

It will get postponed yet again,their justice system is totally crooked.

Stop getting your hopes up.

[rigger]

5 minutes ago, lraC said:

No it’s 21/10/24 so reply date already passed.

I thought I read the reply had to be submitted by four weeks from the date of the letter, not from the date of the unheard court-case ?

[lraC]

Just now, rigger said:

I thought I read the reply had to be submitted by four weeks from the date of the letter, not from the date of the unheard court-case ?

That’s correct.

The date of the letter is 23/09/24.

[tomphil]

The can is being booted down the road on purpose now.

Longer it goes on it might cost them a few rupees in lawyers fees but saves them tens of millions in funding and tax.

Meanwhile the VH group must have found something else to syphon 20 mill a year.

[rigger]

30 minutes ago, lraC said:

That’s correct.

The date of the letter is 23/09/24.

 

30 minutes ago, lraC said:

That’s correct.

The date of the letter is 23/09/24.

Yep my mistake, I got confused with the Venkys reply date. That's why I would have been no good as a solicitor.

Edited November 3, 2024 by rigger

[47er]

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?

[lraC]

1 minute 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?

It’s removing the need for a bank guarantee, according to the court document.

its hard to tell if that would then mean, they will send funds.

I would imagine, they are perfectly happy, letting it run itself for as long as possible. 

[ABBEY]

2 hours ago, wilsdenrover said:

November 13th

 

13th unlucky for them jail time....

 

damn hangover has me delusional 

[rigger]

4 minutes ago, ABBEY said:

13th unlucky for them jail time....

 

damn hangover has me delusional 

I have delusions of grand whores.

[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.