For a simpleton like myself, is this the 12m guarantee reimbursed and 12m released to us. Or is it all future spend too?
Edit::
It's 2025 and I have the literal worlds knowledge in my pocket.
Chat gpt summary below
### 🔹 Currency Conversion (approx.)
The Court order mentions liabilities and securities in Indian Rupees (₹). Assuming **₹1 = £0.0095 (approx. rate in Sept 2025)**:
* **Liability under complaint**: ₹92.6 crores = **£8.8 million**
* **Securities already furnished**: ₹314 crores = **£29.8 million**
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### 🔹 What Has Happened So Far
1. **Earlier Permission (May 2025):**
* Venkateshwara Hatcheries (VHPL) was earlier allowed to remit **£4.85 million** to its UK subsidiary (*Venky’s London Ltd*) but only after providing a **50% bank guarantee** (i.e., \~£2.4 million).
2. **Now (Sept 2025 Order):**
* VHPL requested permission to remit a much larger amount — **£12.6 million** — to its UK subsidiary.
* The government (Enforcement Directorate) objected, saying a case is under adjudication (complaint filed).
* However, the Court noted that VHPL has already provided securities worth **£29.8 million**, which is far more than its potential liability of **£8.8 million**.
* Therefore, the Court **allowed the remittance of £12.6 million WITHOUT requiring any bank guarantee**.
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### 🔹 In Simple Layman’s Terms
* VHPL wants to send money to its UK subsidiary to meet financial obligations.
* Normally, the government might ask for a bank guarantee before allowing big remittances (to safeguard in case of violations).
* But here, VHPL has already deposited securities with the Enforcement Directorate worth **over 3x its maximum liability**.
* Because of this, the Court said **“you don’t need to give any extra bank guarantee — go ahead and send the money (£12.6m)”**.
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### 🔹 What May Happen Next
1. **Immediate:**
* VHPL can now legally remit **£12.6 million** to Venky’s London Ltd without providing a bank guarantee.
2. **Ongoing Case:**
* The **complaint filed by the ED is still under adjudication**. The Adjudicating Authority will decide if VHPL actually violated any law (like FEMA).
* If VHPL is found liable, the already furnished securities (worth £29.8m) can cover that liability (which is at most £8.8m).
3. **Future Orders:**
* This permission is **interim** — meaning the Court may issue further directions in the main petition depending on how the adjudication proceeds.
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✅ **Bottom Line for VHPL:**
* You’ve got the green light to send the £12.6m to your UK subsidiary without tying up extra funds in guarantees.
* But, the bigger case about whether any FEMA violations happened is still open, and final liability will be decided later.
* Since securities already exceed the possible liability, you’re in a relatively safe position financially.