Venky’s v Indian Government (a) - 5/8/25 - Perennially Re-Arranged Challenge Match

[wilsdenrover]

2 minutes ago, rovers11 said:

The judge is on leave today 😂 Probably booked their leave weeks ago so today was never gonna happen. Crazy idea but could they have perhaps got another judge in place?!

Not enough Indians.

[miqaayil]

This will go on for another 20 years ...thats normal in india

[Exiled_Rover]

34 minutes ago, miqaayil said:

This will go on for another 20 years ...thats normal in india

What a backwards country. 

Delayed for another 4 months. Ridiculous. 

[alcd]

Jackson gives a contradictory message. He refers to Venkys having to give a personal guarantee. Then he says any funding "costs double". That would be the case if a bond has to be lodged whereas a personal guarantee only becomes a "cost" if it is called in. There is a massive difference in terms of cash outgoings so which is it?? You would think that any half-brained journalist would understand and finally get to the truth. 

[rigger]

1 hour ago, Exiled_Rover said:

What a backwards country. 

Delayed for another 4 months. Ridiculous. 

At least the British empire left the Indians with a workable legal system.

[wilsdenrover]

1 hour ago, alcd said:

Jackson gives a contradictory message. He refers to Venkys having to give a personal guarantee. Then he says any funding "costs double". That would be the case if a bond has to be lodged whereas a personal guarantee only becomes a "cost" if it is called in. There is a massive difference in terms of cash outgoings so which is it?? You would think that any half-brained journalist would understand and finally get to the truth. 

They have to give a bank guarantee which will stay live until the investigation into them is concluded.

As you say these guarantees only becomes a cost if they’re called in -  I assume this will only happen if further wrongdoings are uncovered…

[simongarnerisgod]

2 hours ago, Exiled_Rover said:

What a backwards country. 

Delayed for another 4 months. Ridiculous. 

is a backward country,3/4 of the population live in abject poverty,in a tin shed,india also has rampant corruption,it`s notorious for it.this court case will never come to fruition,venkys are most likely to be slipping the judge a bung

[London blue]

32 minutes ago, rigger said:

At least the British empire left the Indians with a workable legal system.

After tearing the country apart, sure.

[RevidgeBlue]

1 hour ago, alcd said:

Jackson gives a contradictory message. He refers to Venkys having to give a personal guarantee. Then he says any funding "costs double". That would be the case if a bond has to be lodged whereas a personal guarantee only becomes a "cost" if it is called in. There is a massive difference in terms of cash outgoings so which is it?? You would think that any half-brained journalist would understand and finally get to the truth. 

Yeah the Court judgement reproduced on here a while ago referred to a guarantee and if a "guarantee" has the same meaning as it does over here it merely means that you only become liable if something goes wrong. You don't have to start lodging equivalent financial bonds by way of security etc.

I suspect Jackson hasn't got a clue what the situation is but keeps repeating this "double bubble" line which probably isn't correct and really isn't helpful.

To be fair Waggott himself has said there is no impediment to the owners funding the Club on numerous occasions. If there was I'd have thought he wouldn't be able to wait to tell us about it and try and frame it as no

[RevidgeBlue]

.....not being their fault.

[davulsukur]

37 minutes ago, wilsdenrover said:

They have to give a bank guarantee which will stay live until the investigation into them is concluded.

As you say these guarantees only becomes a cost if they’re called in -  I assume this will only happen if further wrongdoings are uncovered…

So if this goes on for 10 years, that guarantee stays live for that whole duration?

Not a chance they are fronting any more cash.

Time to sell up.

[RevidgeBlue]

38 minutes ago, wilsdenrover said:

They have to give a bank guarantee which will stay live until the investigation into them is concluded.

As you say these guarantees only becomes a cost if they’re called in -  I assume this will only happen if further wrongdoings are uncovered…

That would be my understanding as well.

[Herbie6590]

1 minute ago, RevidgeBlue said:

Yeah the Court judgement reproduced on here a while ago referred to a guarantee and if a "guarantee" has the same meaning as it does over here it merely means that you only become liable if something goes wrong. You don't have to start lodging equivalent financial bonds by way of security etc.

I suspect Jackson hasn't got a clue what the situation is but keeps repeating this "double bubble" line which probably isn't correct and really isn't helpful.

To be fair Waggott himself has said there is no impediment to the owners funding the Club on numerous occasions. If there was I'd have thought he wouldn't be able to wait to tell us about it and try and frame it as no

From my banking days…

A bank guarantee typically is counted as part of the consolidated approved facilities.
So if a bank is happy to lend say £10m as an overdraft & then the customer wants a bank guarantee of £1m - the bank either has to reduce the overdraft to £9m or increase the total lending facility to £11m. 

If the bank has doubts over the credit covenant, they would choose to reduce the o/d & keep the consolidated facilities constant. 
 

To that extent, provision of a bank guarantee *can* impact on cash availability. 
 

[RevidgeBlue]

31 minutes ago, Herbie6590 said:

From my banking days…

A bank guarantee typically is counted as part of the consolidated approved facilities.
So if a bank is happy to lend say £10m as an overdraft & then the customer wants a bank guarantee of £1m - the bank either has to reduce the overdraft to £9m or increase the total lending facility to £11m. 

If the bank has doubts over the credit covenant, they would choose to reduce the o/d & keep the consolidated facilities constant. 
 

To that extent, provision of a bank guarantee *can* impact on cash availability. 
 

Might be getting to the nub of it there Ian, although I doubt similar considerations would apply to someone who "only" has a credit line of c £10m and Venky's who are "allegedly" worth several billion.

Unless of course they know there's a lot more trouble to come further down the line that hasn't been discovered yet.

[London blue]

8 hours ago, RevidgeBlue said:

I agree.

In my opinion these Court proceedings are now a  complete red herring and have been for some time. There's nothing really stopping them from transferring money to the Club, they merely have to provide a guarantee covered by their personal assets if they do so. They seemingly aren't prepared to do this and  just don't seem to want to fund the Club anymore full stop.

Helps when the local media and large sections of the fan base still perpetuate this myth about the poor unfortunate things having to deposit double to match any money sent over though.

I hadn't considered this before and I am convinced it is true.

[Upside Down]

45 minutes ago, RevidgeBlue said:

Yeah the Court judgement reproduced on here a while ago referred to a guarantee and if a "guarantee" has the same meaning as it does over here it merely means that you only become liable if something goes wrong. You don't have to start lodging equivalent financial bonds by way of security etc.

I suspect Jackson hasn't got a clue what the situation is but keeps repeating this "double bubble" line which probably isn't correct and really isn't helpful.

To be fair Waggott himself has said there is no impediment to the owners funding the Club on numerous occasions. If there was I'd have thought he wouldn't be able to wait to tell us about it and try and frame it as no

They need to get a No Objection Certificate for every transfer of funds overseas.

So as I said at the time, Waggot was being disingenuous (remember he said there SHOULDN'T be any impediment to funding).

If you don't believe me then read the club accounts.

[B16Rover]

Based on the judicial system so far, is there in a perverse way a chance that by Indian standards the Venkys are capable and attentive owners? If the judge can't plan a holiday rota then what chance do we have! Last time this happened we were behind a murder trial.  Imagine telling the loved ones they've knocked it 3 months because his honourable is on a staycation in Goa 

[wilsdenrover]

1 hour ago, Herbie6590 said:

From my banking days…

A bank guarantee typically is counted as part of the consolidated approved facilities.
So if a bank is happy to lend say £10m as an overdraft & then the customer wants a bank guarantee of £1m - the bank either has to reduce the overdraft to £9m or increase the total lending facility to £11m. 

If the bank has doubts over the credit covenant, they would choose to reduce the o/d & keep the consolidated facilities constant. 
 

To that extent, provision of a bank guarantee *can* impact on cash availability. 
 

Having had a very quick nosey it appears applying for a bank guarantee in India includes agreeing to a lien being placed on deposit monies to the value of the guarantee.

If I understand correctly, this means for every £ Venkys wanted to send to Rovers they’d lose access to another £  held in their Indian account.

 

 

 

Edited Tuesday at 21:14 by wilsdenrover

[bigbrandjohn]

This is sooooo transfer Groundhog Day. 🐷

Same exits and entries on

loan and probably a few more French speaking prospects. 

Except the budget will be less as no stars have been pawned. 

Another year of being the tax write off division of the Venkys empire. 

Edited Wednesday at 03:26 by bigbrandjohn

[bluebruce]

Venkys out, this can't continue.

[Herbie6590]

4 hours ago, bluebruce said:

Venkys out, this can't continue.

They may see this statement as a challenge…😬

[Mattyblue]

It will continue.

’The evil ruler would burn their own land to the ground and rule over the ashes’

[sharpysharps86]

8 hours ago, bluebruce said:

Venkys out, this can't continue.

[windymiller7]

Just as a side note, I was watching The Chase last night & we got a mention off Bradley Walsh. One of the questions was: "which of the former founders of the Football league have never played in the prem - Rovers, Burnley or PNE? Obviously the answer was Nobbers, but after the answer was given, Bradley said "yeah, & what's happened to Blackburn? They even won the Prem in 94/95, so sad to see where they are now. Good lad!

Edited Wednesday at 11:51 by windymiller7

[MarkBRFC]

We'll still be posting on here in 15 years time wondering when the venkys circus is going to end.