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

[AllRoverAsia]

35 minutes ago, tomphil said:

I've been saying for years they funnel a bit of money out of the parent company every year using Rovers.

All i got was don't be stupid why would they rob themselves !

The lack of understanding of how these things can work via loopholes is frustrating to those who know it can and it can all be above board when facilitated by expert accountants.

Morally and tax wise it ain't exactly throwing straight dice though.

We sing from the same him sheet. They are grifters and stupid too.

[bluebruce]

2 hours ago, miqaayil said:

Guys this is not about funds leaving india... their instruments are from SBI , State Bank of INDIA and constant Loss in investment which affects the bank and economy. So the gov is suspecting some kind of funneling which is why they ask to put equivalent amount in pledge before sending out more of SBI monies, which they won't ...i'm not a financial forensics expert but from what i understand this is in nutshell , The gov is worried SBI will write it off as bad debt... and they afraid to open books in UK incase of a sale which they must.

If that's true, the irony is that by withholding funding and thereby preventing any effective trading (as players get sold cheaply due to our weak position, we have no chance of ever buying a Szmodics/Armstrong etc again, and inevitably get relegated this or next season, potentially resulting in administration) hugely increases the chances of the SBI having to write it off as a bad debt.

[47er]

7 hours ago, BigUts said:

Matt Smith on 5Live talking about the potential of buying Rovers (all very tongue-in-cheek sadly)

It needs someone like him, famous and popular, to draw attention to what's been happening to Rover over the last 14 years and to possibly attract attention from people with real wealth.

Any chance of the Trust or anyone else making contact?

I know it sounds far-fetched but if you don't try you never find out. He seems passionate enough about the club.

He could be the perfect figure-head if someone could get him involved. Media would be all over him!

Edited March 14, 2024 by 47er

[tomphil]

They wouldn't send their lawyers into court armed with a pile of documents for what was just down as a box ticking exercise and risk the adjournment if they were so concerned about the club going bust.

Seems to me they are very relaxed and probably under assurance from Waggot that there'll be enough in the pot and he'll rake some more in in summer and ensure further budget cuts to see us through.

Nice wage justifying bonuses earning work there by their CEO !

Where that leaves the team/squad/club i doubt even enters the equation as long as the lights are still on.

[Upside Down]

My reading of things, please correct me if I'm wrong.

The law changed in India whereby if you want to send money overseas you need a certificate from the ED.

The ED refused to grant that certificate due to the investigation.

The court cases have been because of this, the judge saying that money can be sent as long as there is an equivalent bond paid to the ED.

The ED are opposed to this but obviously have to abide by the court.

Hopefully the outcome is that they are forbidden from sending over money in future. I had a feeling this would be postponed, they get postponed all the time.

[tomphil]

Surely once they sent 11 mill 6 months ago or whatever and 11 mill has gone into a govt holding account then once you have proved where those funds have gone in the last 6 months the bond is then released.

[Upside Down]

5 minutes ago, tomphil said:

Surely once they sent 11 mill 6 months ago or whatever and 11 mill has gone into a govt holding account then once you have proved where those funds have gone in the last 6 months the bond is then released.

They had to give a detailed breakdown of what the funds were spent on. 1.8 million was for agents fees.

[tomphil]

43 minutes ago, Upside Down said:

They had to give a detailed breakdown of what the funds were spent on. 1.8 million was for agents fees.

So once they've provided a breakdown and receipts that the money has all been used as intended they they should get their other 11 million back.

Maybe that's where the issues with this latest postponement lie.

[broadsword]

2 hours ago, ABBEY said:

This twat needs porridge 

Needs a shellacking upside the grid from the three bears first

[broadsword]

2 hours ago, Mercer said:

Notwithstanding the court's decision/ruling in August, there will probably be enough available money from Wharton's sale, Raya's move to Arsenal (and our cut of that) and the sale of SS, and Carter, Travis etc, if need be, to get Rovers through the next 16 months.

Sadly, I think our owners and CEO will be unchanged 12 months down the line from now.  IMO, we are a club hopelessly drifting along in a sea of shyte, and, at some point, the contamination will become too severe and that will be the end of Rovers. 

Maybe that's the game plan, run us into the ground, liquidate the club and bury the paper trail

[tomphil]

Some might say they are very slowly tactically withdrawing bit by bit.

[Penwortham Blue]

11 hours ago, Miller11 said:

 

Apologies, I think I may have jumped the gun on the above. Didn’t read Josh’s posts in full.

For every pound they have sent so far, they have had to guarantee with equivalent. But they can’t send money without permission. 

The case that is ongoing is not directly linked to Rovers or VLL, which probably goes a long way to explaining the silence from the club. If anyone at Rovers was even aware of how the case had gone (or hadn’t) before it became public record, I expect they’d have been forbidden from commenting on it.

I suppose now we will see what Venky’s appetite to keep funding is, as there will no doubt be ways around it. Without a No Objection Certificate, or a one off exemption, VENKATESHWARA HATCHERIES PRIVATE LIMITED can’t send remittance overseas. The purpose of this hearing wasn’t just to get that agreed, but it would’ve been one desired outcome.

I’m speculating here, but I don’t see why they couldn’t get money over from elsewhere, or apply for the certificate directly to the enforcement agency away from the ongoing court proceedings.

As I understand it, they could send funds without restriction as long as from the personal pockets of the Mrs Desai and hubby and the two stooges.

[Upside Down]

6 hours ago, tomphil said:

So once they've provided a breakdown and receipts that the money has all been used as intended they they should get their other 11 million back.

Maybe that's where the issues with this latest postponement lie.

They had to provide that breakdown before sending the money.

Again £1.8 million was allocated to "agent fees"

[ABBEY]

AH THE DARK LORD WORKS IN MYSTERIOUS WAYS

[Herbie6590]

7 hours ago, Penwortham Blue said:

As I understand it, they could send funds without restriction as long as from the personal pockets of the Mrs Desai and hubby and the two stooges.

Not sure about that…🤔

[martonrover]

Seriously, why don't they at least attempt to sell us?

The only innocent explanation is pride, but that really isn't the likely reason.

[lraC]

6 minutes ago, martonrover said:

Seriously, why don't they at least attempt to sell us?

The only innocent explanation is pride, but that really isn't the likely reason.

More likely to be fraud. 

[tomphil]

I've never bought the pride line as the primary driving force as to why they carry on owning Rovers although i do get the 'look at us we are so wealthy we can chuck 20 million a year away on a whim' vibe.

Even that is out the window now though there is no pride to be had owning a struggling club that has now exposed some dodgy dealings. And whatever happens in court - who'd be surprised if it's pushed back again - the whole 15/20 million a year is gone for good even if they got approval they'd be paying 20% in tax instead of avoiding it.

Games up, for them and us.

[ABBEY]

100% not pride...its about keeping the tax and interpol at harms length allegedly 

[tomphil]

4 hours ago, Upside Down said:

They had to provide that breakdown before sending the money.

Again £1.8 million was allocated to "agent fees"

That's before then there is after i.e the Indian govt will want proof the money was used for what it was allocated for and nothing else.

That's the centre of this whole issue.

Then surely once that is confirmed as legit and signed off then the 11 million equivalent should be released back to Vs or obviously held if the same amount is allowed to be sent again.  It can't be as if they have to keep giving the govt equal amounts as security and they just keep hold of it as has been mentioned.

[RoverDom]

39 minutes ago, tomphil said:

That's before then there is after i.e the Indian govt will want proof the money was used for what it was allocated for and nothing else.

That's the centre of this whole issue.

Then surely once that is confirmed as legit and signed off then the 11 million equivalent should be released back to Vs or obviously held if the same amount is allowed to be sent again.  It can't be as if they have to keep giving the govt equal amounts as security and they just keep hold of it as has been mentioned.

Admittedly I hadn't given it much thought but I'd thought it was that they put the money in a bond and then it would be released after the investigation had ended but what you said makes me sense. 

[Upside Down]

Well it's a bond.

I don't know the terms of said bond but it's a bond.

[joey_big_nose]

2 hours ago, tomphil said:

I've never bought the pride line as the primary driving force as to why they carry on owning Rovers although i do get the 'look at us we are so wealthy we can chuck 20 million a year away on a whim' vibe.

Even that is out the window now though there is no pride to be had owning a struggling club that has now exposed some dodgy dealings. And whatever happens in court - who'd be surprised if it's pushed back again - the whole 15/20 million a year is gone for good even if they got approval they'd be paying 20% in tax instead of avoiding it.

Games up, for them and us.

Yeah this is it - irrespective of outcome of the court case the basic maths of money and effort to keep the show on the road has changed for them significantly. That's why I think we're in the end game. What was barely sustainable has become definitively unsustainable. 

It's a matter of time before something significant breaks, its really imperative that plans are put in place now for new owners and the club on a sustainable footing. Who and how that is done I am not really sure (but very willing to pitch in and help) but probably have 6 months to get something credible together.

I am sure some interested people must already be on the move somewhere with a plan?

[Hasta]

12 hours ago, tomphil said:

Some might say they are very slowly tactically withdrawing bit by bit.

Some might say we will find a brighter day.

[JHRover]

The fact they would rather the club limp along in this zombie like chaotic state for months or even years on end whilst confusion and uncertainty runs rampant, allowing all our assets to be sold to the highest bidder, flushing Championship status and a shot at the PL down the toilet, alienating many more fans and condemning us to a dismal future in League One or beyond all the while going through the aggro of going to court every few months for permission to keep the lights on, rather than just admit defeat, and for once act in the best interests of the club by taking steps to sell or transfer it elsewhere thus protecting it from further immediate damage and keeping it free of their legal issues really just displays what self centred despicable people they are deep down.

You get the likes of Mowbray, Waggott and the rest of them down there singing their praises about what lovely wonderful caring people they are when that is based on them getting paid by them, wined and dined in India and the rest. 

What actually matters is actions and putting the club first. We've known from day 1 that it isn't on their radar to do this and still to this day their egos and self centred pride / legal / financial concerns take absolute priority over just doing the right thing, admitting defeat and letting someone else take it on.

Horrible people.