According to lawyers familiar with the development, Premji is yet to reply to the notice. Subramanian neither responded to phone calls nor messages sent to him.
The regulator has also cancelled the licences of three packagers providing services to Subhiksha for violating the packaging rules. The warehouses are based in Bhiwandi, which is on the outskirts of Mumbai.
The company's managing director R Subramanian told PTI in Chennai that the stores would hold products like laptops, printers, computers apart from mobile phones.
The Chennai-based retail chain ran out of money several months earlier and has suspended operations since then. Subhiksha's founder-promoter, R Subramanian, said he was optimistic of a settlement and early resumption of operations.
The earlier deadline given for a Corporate Debt Restructuring scheme was July 31. According a senior counsel who is close to the development, Cash and Carry has requested for a meeting with secured and unsecured creditors to work out the compromise. C&C was a firm promoted by R Subramanian, promoter and managing director of Subhiksha. Subramanian was not available for a comment and he did not respond to an e-mail sent by Business Standard.
Dismissing rumours about his selling out the company, R Subramanian, managing director, Subhiksha Trading Services, says Subhiksha is here to stay. In an interview with Business Standard, Subramanian attempts to clear some of the confusions.
The original finalisation date was April 31. At a hearing on the issue at the High Court in Chennai, counsel for ICICI Bank, which leads the consortium of banks handling the recast, said it was negotiating with others on an extension. The next hearing on extricating the Chennai-based retail chain from its present quagmire will be on April 17.
The retailer was forced to shut its network of supermarkets across India due to acute financial crunch.
India's biggest discount retailer said hundreds of its stores were attacked over the weekend, after it failed to pay its security guards because of liquidity troubles.
Cash-strapped retail chain Subhiksha Trading Services on Monday ruled out declaring bankruptcy and said it may consider selling stake to raise funds as it struggles to arrange Rs 300 crore (Rs 3 billion) to meet immediate operational requirements.
Retail chain Subhiksha feels it is being unfairly targeted by the Food and Drugs Administration (FDA) of Maharashtra in initiating enquiries and hygiene checks on grounds that it is selling repackaged goods. The company would present its case in a hearing scheduled on August 8.
Subhiksha Trading Services, the retail chain whose stores have been closed for more than a year for lack of money, is planning to reopen some through a franchise model, say sources.
Food and grocery retailer Subhiksha has taken the acquisition route to list its shares on the stock exchanges. The company wants to avoid an initial public offer in view of the turbulence in the capital market.
ICICI Venture informed Subhiksha on January 8, 2009, about the withdrawal of its nominee directors and asked the company to make the requisite filing with the RoC, Chennai. However, when ICICI Venture did not receive any copies of the filing till January 19, it informed the RoC of the resignations.
Rules out involvement of nominee and independent directors.
Investors ICICI Venture and PremjiInvest as well as a lender of Subhiksha Trading Services have objected to the cash-strapped retailer's merger plan with Chennai-based Blue Green Constructions and Investments, in which it acquired a 40 per cent stake in June last year.
To take up debt restructuring of cash-strapped retailer.
Cash-strapped retail chain Subhiksha on Friday said the ongoing corporate debt restructuring (CDR) process in the company will be over by July and added that law allows a maximum of up to 180 days for completing it.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
A senior EPFO official said, "(Subhiksha) was given 15 days, starting February 20, to pay the PF dues. Since these were not paid, we will go ahead with the action and set a target to collect the dues before March 31, 2009, when the fiscal year comes to an end." The PF dues to be paid for the June-September period of 2008 were around Rs 1.46 crore. The status of Subhiksha's PF payments in other parts of the country will also be checked.
ICICI Venture, which owns a 23 per cent stake in the beleaguered Subhiksha Trading Services, said its hands "are tied'' as the majority owner and founder of the retail chain, R Subramanian, kept all investors in the dark on the troubles of the company and failed to submit audited financial details.
The Supreme Court on Friday stayed criminal proceedings against former chairman of Wipro, Azim Premji, and his wife on their plea seeking quashing of the summons issued by a Bengaluru trial court on a "frivolous"and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three firms with a Premji group firm. A bench of Justices Sanjya Kishan Kaul, Dinesh Maheshwari and Hrishikesh Roy also issued notice to an NGO, Indian Awake for Transparency and others and sought their response. Senior advocates Mukul Rohatgi, A M Singhvi appearing for Premji and others said that the complaint was "mischievous" in nature.
The Supreme Court Tuesday extended the stay on criminal proceedings against former Wipro chairman Azim Premji, his wife and others on their plea seeking quashing of summons issued by a Bengaluru court on a "frivolous" and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three companies with a Premji group firm. A bench of justices S K Kaul and M M Sundresh was hearing an appeal filed by Premji challenging the Karnataka high court order of May 15 which had rejected their pleas for quashing of the January 27 summons issued by the trial court.
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