ED Attaches Rs 4.5 Crore Assets of 'Subhiksha' Group

[V.Balasubramani]

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[h=1]ED Attaches Rs 4.5 Crore Assets of 'Subhiksha' Group[/h]CHENNAI: Enforcement Directorate (ED) has attached assets worth Rs 4.5 crore in connection with its money laundering probe against retail store chain 'Subhiksha' in the alleged bank loan fraud of Rs 77 crore.

The agency has attached seven immovable properties of the owner of the group R Subramanian, including four agricultural plots in Tamil Nadu's Villupuram district, under the provisions of the Prevention of Money Laundering Act (PMLA).

Economic Offences Wing (EOW) of the CBI and Tamil Nadu Police are also probing the case. The central agency's bank security and fraud cell here had earlier filed a charge sheet against Subramanian and his firm.

Subramanian is the promoter and Managing Director of Ms Subhiksha Trading Services Limited, a retail chain of stores which sells products under the category of Fast Moving Consumer Goods (FMCG), pharma, groceries, fruits and vegetables among others.

See more at: http://www.newindianexpress.com/nat...Subhiksha-Group/2016/03/23/article3342606.ece

Also read thread: Rise and fall: Retail chain Subhiksha founder Subramanian arrested

http://www.tamilbrahmins.com/showthread.php?t=27590&page=7&highlight=Subiksha+Subramanian

 

[yesmohan]

In elementary school mathematics, a sure question to be asked in the annual exams, has come out now !

If 4 years are needed for taking action in an alleged bank loan fraud case of Rs 77 crores, how much time is required to take action in alleged bank loan fraud case of Rs 9000 crores?.

 

[tbs]

hi

once upon a time....very reliable name ' SUBHIKSHA'.... i remember abt 10 yrs back....a job provider for middle class...i think

too much greedy may be reason for fall...i still remember nice store in mylapore/mandaveli area.....

 

[V.Balasubramani]

In elementary school mathematics, a sure question to be asked in the annual exams, has come out now !

If 4 years are needed for taking action in an alleged bank loan fraud case of Rs 77 crores, how much time is required to take action in alleged bank loan fraud case of Rs 9000 crores?.

Trial in SC is still going on in respect of a Disproportionate Asset case of a politician of Tamil Nadu which is being dragged for more than 18 years and the value of DA being around 66.65 crores.

 

[yesmohan]

Trial in SC is still going on in respect of a Disproportionate Asset case of a politician of Tamil Nadu which is being dragged for more than 18 years and the value of DA being around 66.65 crores.

It is gossiped that arrangements were made to drag this case beyond election.

In this case also, previously the elementary mathematics of Kumarasami was the question; the problem will be solved

by higher mathematicians of Delhi with the help of universities in Chennai.

 

[krish44]

A hysteria is getting created regarding bad assets and NPAs.

They might constitute about 7-10 % of bank assets.

No business runs without risks.

When some try to grow their companies fast, they go bust because of cash flows or economic downturn.

Banks treating these people like criminals is not acceptable.

When people go downhill , they clutch at every straw.

The thin difference between what is lawful and what is not , what is personal money and what belongs to bank do get mixed up . These cannot be avoided.

Only the banks should be more prudent in lending.

Their bad business judgement cannot be compensated by harsh outdated laws.

 

[V.Balasubramani]

What was reported is that it is normal for the banks to have 2-3% of NPA but in the last few years it seems the same has been increased substantially and gone up to 6%.

Action has been initiated by the Government to recover the loan amount from the willful defaulters under IPC and Civil laws.

Government Agencies regulate the economic activities through Central Bord of Direct Taxes, Central Board of Excise and Customs, Enforcement Directorate, Directorate of Revenue Intelligence Securities and Exchange Board of India and Serious Fraud Investigation Office, etc

On the part of Enforcement Directorate, it is taking action by attaching properties of defaulters. In the case of B. Ramalinga Raju of Satyam Computers orders were issued attaching FD worth of 822 crores.

As for politicians, to cite a few, action was initiated against YSR congress Chief Jagan Mohan Reddy and former P.W.D Minister of Maharastra Mr.Chhagan Bhujbal.

Enforcement Directorate attached Delhi Flat worth Rs.8 crore in the case against Himachal Pradesh C.M. Virbhadra Singh, etc.

These are all facts and some who wander in dreamland, better wake up and realize what is happening around them.

 

[yesmohan]

YES. Bala Sir,

The ideal percentage slated in the Nrasimhan Committee Report is 2 to 3 % . This committee have set definition for NPA and other quality of assets and recommended the system of asset management in Banks.
All and sundries could not set their personal opinion as definition for Bank NPAs, which need .....in depth knowledge and rich experience.

 

[krish44]

All the narasimhans of this world could not stop NPAs from ballooning.

The in depth knowledge and experience is useful only for some to draw monthly salaries and pensions.

What is the use of these reports ?. It is not even worth the paper it is written on. Absolute raddhi fit for selling at 11rs a kilo.

 

[V.Balasubramani]

Let the Thenaliramans take the NPA above their head and go round the world with their Socrates, Plato and Aristotle attitude and preach the world.

The depth of knowledge and experience, etc are useless to them as their only interest lies in taking large pegs of Johnnie walker, Vodka and Scotch cocktail drink and be wandering in dreamland with colourful dreams.

What is the ultimate use such postings which some one will consider only fit for the destination of dust bins. lol

 

[krish44]

When Govt of india does not know what to do about a problem , it sets up a committee .

It chooses a retired economist to spend months on it giving salaries .

Ultimately the report that comes out is used selectively to fix someone who has fallen out of favour with the govt.

M M Singh saw to it that no economist stayed unemployed after retirement for a few years.

Most of the reports are not worth even glancing thru.

 

[V.Balasubramani]

It is a vague allegation and nothing in specific. It sounds like Mottai thathan kuttayil vizhunthaan.

Which Mottai thathan...? Which Kuttai...? leading to lot of questions.

Name the committee and name the report.

We can very well discuss but don't come here with such vague statements.

 

[yesmohan]

All the narasimhans of this world could not stop NPAs from ballooning.

Narasimhan has done a good job !
He has given directiona to take initiative to contain normal NPAs; but not the NPAs propelled by politicians.

 

[yesmohan]

The in depth knowledge and experience is useful only for some to draw monthly salaries and pensions.

The persons with in depth knowledge and experience, occupies high position by virtue of their talent; naturally they are afforded to draw high salaries and pensions.

Attukkum vAlai aLanthu vaiththavan Andavan.

 

[yesmohan]

What is the use of these reports ?. It is not even worth the paper it is written on. Absolute raddhi fit for selling at 11rs a kilo.

Yes.
Some reports not even worth the paper it is written on. Not even fit for selling at 11rs a kilo as suggested.They could be used to feed only donkeys !

But Narasimhan Committee report is like "KaRpooram ".

(I mean it has got evaporated now! )