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Kotak Bank opposes merger of Subhiksha, Blue Green
April, 16th 2009

Kotak Mahindra Bank is the latest to join the list of those opposing the merger of troubled retail chain Subhiksha Trading Services with Madras Stock Exchange-listed NBFC Blue Green Investment and Construction.

According to a source, the bank plans to file a petition against the merger of the two companies before the Madras High Court on Thursday a day ahead of the hearing of a string of petitions on the same issue, including those by Azim Premjis Zash Investment and ICICI Venture.

Meanwhile, the Madras High Court on Wednesday directed Subhiksha Trading Services to submit copies of balance sheets of the past three years and all accounts from April 2008 till date to the provisional liquidator (PL) appointed by the court. It gave the respondent 10 days to submit the same.

At the hearing of the winding up petition filed by Kotak Mahindra Bank against the retailer, Subhikshas legal representatives also submitted that some bankers, who were part of the ongoing corporate debt restructuring (CDR) process, had expressed reservations over the appointment of PL.

Judge Chitra Venketraman said that the court had not discharged PL and only suspended publication of institution of PL. She also said that submission of accounts would in no way hinder CDR process.

In his media update, Subhiksha MD Subramanian said: At the hearing on Wednesday, the company offered that it will submit in a sealed form the electronic copies of accounts of the company for April 1, 2008.

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