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

[philipl]

On 20/11/2024 at 12:38, wilsdenrover said:

The most recent Venky London accounts include the following wording (my emboldening):

‘if the court does not permit the release of future funds there will be a significant impact on BRFC’s ability to trade and therefore on the group remaining a going concern’

These accounts were signed off by the owners on the 9th July this year, therefore any change (if there really has been one) would appear to have taken place after this date.

Clearly not everybody at the club has been truthful - working out whether anyone has been in the tricky (impossible?) part.

 

 

I didn't comment on this because in light of the Indian Court case, the Indian Government and Courts would definitely not clear transfer of funds without guarantees if such a statement didn't appear in the Venky's London accounts.

But that is not what is being written here- it raises the prospect that the Indian Courts, not the owners, might block future transfers. 

Is this posturing or is there a real risk of a Court order preventing transfers to VLL?

[philipl]

4 minutes ago, K-Hod said:

Is this actually true, or some melodrama?

Separately to the civil Court case brought by Venky's to restore the right to fund Rovers without guarantees, prosecutors have been reported to be looking into the case.

Prima facie, the birthday party and Neville Mansion were misreported to the tax authorities.

Prima facie anywhere in the world, that is tax fraud and a criminal offence 

[arbitro]

2 hours ago, philipl said:

Gautam Adani was charged with fraud yesterday.

Indian prosecutors going after him means small comparatively fry like Balaji Rao have huge reason to worry in current circumstances.

I am sure one or more family members facing the prospect of prison time over matters they got embroiled in as a result of or linked to their Rovers venture must be changing perceptions and calculations in the Pune compound.

There is a possible new normal with Rovers if that is what Venky's decide they want, but for supporters, all old norms and assumptions about 20m a year etc are gone.

It's a bit of a cryptic post - can you elaborate?

[tomphil]

2 hours ago, philipl said:

In administration, the club would be run for the benefit of the creditors and maximising their return.

The extent of the job losses would be a function of the Adminstrator's  assessment of the trade off between reducing out goings to prolong the business running and having a juicy enough asset to optimise the selling price to new owners.

If no new owners are in prospect, the administrator would quickly opt to liquidate Rovers.

How many clubs the size of Rovers have we ever seen liquidated from the many who have fallen into or been plonked into admin ?

Granted the rules and penalties for such have no doubt changed but still it would be a very rare set of circumstances that would see a club like us extinct.

Scare stories without foundation don't help.

[Upside Down]

7 minutes ago, tomphil said:

How many clubs the size of Rovers have we ever seen liquidated from the many who have fallen into or been plonked into admin ?

Granted the rules and penalties for such have no doubt changed but still it would be a very rare set of circumstances that would see a club like us extinct.

Scare stories without foundation don't help.

People keep bringing up Bury as an example despite the two clubs being worlds apart.

Also, their demise was because their owner decided to liquidate the clup rather than put it in administration as far as I'm aware.

[Devon Rover]

2 minutes ago, Upside Down said:

People keep bringing up Bury as an example despite the two clubs being worlds apart.

Also, their demise was because their owner decided to liquidate the clup rather than put it in administration as far as I'm aware.

Don't go giving ideas to people in Pune.

[MarkBRFC]

4 hours ago, philipl said:

I am sure one or more family members facing the prospect of prison time over matters they got embroiled in as a result of or linked to their Rovers venture must be changing perceptions and calculations in the Pune compound.

Spoiler - It won't.

[RevidgeBlue]

4 hours ago, philipl said:

Gautam Adani was charged with fraud yesterday.

Indian prosecutors going after him means small comparatively fry like Balaji Rao have huge reason to worry in current circumstances.

I am sure one or more family members facing the prospect of prison time over matters they got embroiled in as a result of or linked to their Rovers venture must be changing perceptions and calculations in the Pune compound.

There is a possible new normal with Rovers if that is what Venky's decide they want, but for supporters, all old norms and assumptions about 20m a year etc are gone.

Is this one of your inspired predictions like Manchester United are going bust?

Who on earth is Gautam Adani and does he have the slightest connection or relevance to Blackburn Rovers?

Also, saying that the owners won't be pumping in £20m a year from now on isn't exactly the boldest prediction in the world given we've been surviving on the net proceeds of transfers for the last 15 months.

[Rogerb]

2 hours ago, tomphil said:

How many clubs the size of Rovers have we ever seen liquidated from the many who have fallen into or been plonked into admin ?

Granted the rules and penalties for such have no doubt changed but still it would be a very rare set of circumstances that would see a club like us extinct.

Scare stories without foundation don't help.

Rangers?

[Crimpshrine]

Looks like they have paid off the loan from the guy in Bolton.

I wonder if they had to pay a bond in India to cover this ?

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

[Rogerb]

43 minutes ago, Crimpshrine said:

Looks like they have paid off the loan from the guy in Bolton.

I wonder if they had to pay a bond in India to cover this ?

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

14 October has another £18750500 allotted in shares.

[DeeCee]

1 hour ago, Rogerb said:

14 October has another £18750500 allotted in shares.

Hope there's some commas and full stops in there. 

[Rogerb]

12 minutes ago, DeeCee said:

Hope there's some commas and full stops in there. 

£18.75 million into venkys London limited been put in despite delayed court case. Presumably this paid off crossbaron loan

[RevidgeBlue]

23 minutes ago, Rogerb said:

£18.75 million into venkys London limited been put in despite delayed court case. Presumably this paid off crossbaron loan

So theoretically the Club should owe the training ground again?

[Upside Down]

26 minutes ago, RevidgeBlue said:

So theoretically the Club should owe the training ground again?

No, the crossbarron loan was to pay running costs and was mortgaged against the training ground that is owned by the other venkys company.

The club would have to buy it back from that company.

[Forever Blue]

53 minutes ago, Rogerb said:

£18.75 million into venkys London limited been put in despite delayed court case. Presumably this paid off crossbaron loan

So they are back to funding the club again? 

[wilsdenrover]

2 hours ago, Rogerb said:

£18.75 million into venkys London limited been put in despite delayed court case. Presumably this paid off crossbaron loan

The most recent accounts (Venkateshwara London Limited)  suggest this loan was for just over £5 million:

Edited November 22, 2024 by wilsdenrover

[Herbie6590]

Some great insight in here from Steven…
 

https://www.brfcs.com/magazine/podcasts/the-rovers-inc.-show-we-should-be-more-grateful/67

[Norbert Rassragr]

https://www.bbc.com/sport/football/articles/c5yrn770g9do

Our other potential owner in 2010 is mentioned here. It was like being asked which terminal disease to have.

[tomphil]

When you consider he got a foot through the door and nearly both feet until someone else alerted the club to his dodgyness it's no wonder these lot actually did.

Why did big Barry and his pals really want a football club ?

[Mattyblue]

The Walkers really were a disgrace.

Edited November 30, 2024 by Mattyblue

[JHRover]

1 hour ago, tomphil said:

When you consider he got a foot through the door and nearly both feet until someone else alerted the club to his dodgyness it's no wonder these lot actually did.

Why did big Barry and his pals really want a football club ?

Yeah it was an investigation by a newspaper or journalist that drew public attention to Ali Syed AFTER his entourage had turned up at Ewood and were filmed walking into the offices.

Really does make you wonder, if that work hadn't been done or if it hadn't been circulated in the national press just how far would the Walker Trust have allowed them to go?

My bet is that by that stage they'd have allowed ANYONE to take the club as long as they got their cash, and thanks to that we've ended up with possibly the worst owners to ever get hold of a club in this country.

[tomphil]

At the end of the day those selling the club were as unfit for purpose as those wanting to buy it, they were the ones who hired the spivs and sent them into the Asian market looking for buyers.

The instructions were simple, show us real hard cash not borrowed money and you're in. Sayed did except it turned out not to be his but with Venkys they had a cash pile and legit business so from that point on it was theirs and their friends to do with whatever they wanted once the 23 mill had gone to the Walker Trust bank account.

As shown by the debt which they didn't pay off straight away despite it supposedly being part of the sale terms.

[wilsdenrover]

Does anyone know whether Venkys could choose to charge zero rent for the senior training centre?

[Valconite]

Seem to love a party these lot if the links are to be believed

 

 

https://timesofindia.indiatimes.com/city/pune/bavdhan-residents-outraged-over-noisy-overnight-party-in-biodiversity-zone/amp_articleshow/116149763.cms

 

https://www.mypunepulse.com/illegal-party-in-bavdhan-hills-of-pune-a-shocking-display-of-lawlessness-and-putting-national-security-at-risk-complain-residents/