R. Subramanian, founder of Subhiksha Trading Services Ltd., the Indian retailer that closed stores after it ran out of cash, said he was willing to quit the management of the company if required.
“If there is a need to install a new management for the better future of the business, its employees and customers, then I shall be more than happy to facilitate this,” Subramanian, managing director of Subhiksha, said in a statement today. “I reiterate that my only reason to be in this job is a sense of responsibility to the stakeholders.”
Subhiksha said Jan. 30 its business was at a “near standstill” and it needs 3 billion rupees ($60 million) to resume operations. The Chennai-based retailer, founded in 1997, ran out of cash in October after relying on a “high level” of debt, according to the company. Subhiksha is seeking the rescheduling of 7.5 billion rupees of loans.
ICICI Venture, the Indian buyout firm that partly owns Subhiksha, said Feb. 23 it’s working with billionaire Azim Premji to revive the retailer. Premji, chairman of India’s third-largest software developer, Wipro Ltd., owns a stake in the retail chain through Premji Invest.
Subramanian said he hadn’t drawn his salary since April and won’t desert the company or evade responsibility.
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