Subhiksha saga gets murkier every day, even as R Subrahmanyam promoted, Chennai-based discount retailer, struggles hard to obtain financial bailout package from its lenders – a consortium of 12 bankers- to get back on its feet. Until recently, while the top two equity stake holders of the company (promoters: 59 per cent, and I-Venture: 23 per cent) were having a public spat on who effectively controlled the company as well as on the manner in which the company was operated by its managing director, it is now the turn of Zash Investments- an Azim Premji promoted private equity company– which has jumped into the fray with serving of legal notices on all past and present directors of the company, charging them with dereliction in performance of their duties
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Azim Premji’s PE firm slaps legal notices for dereliction of duty on all past and present directors of Subhiksha