kochi as finablr the holding company for remittances company unimoni formerly uae exchange and foreign exchange company travelex is on the verge of collapse and looking at a potential insolvency procedure more than 3500 jobs at stake across india finablr group has backend operations in kochi which employs more than 200 people nationwide the group operates more than 350 branches through unimoni india a group company last week finablr had come out revealing that its liquidity and cash flow are affected by travel restrictions due to covid19 and also due to the crisis in nmc healthcare which was also founded by nri businessman br shetty and on monday finablr had informed the london stock exchange lse that there is material uncertainty about the groups ability to continue as a going concern meaning the company is doubtful of continuing its operations lse had suspended trading of finablr shares on monday finablr also confessed to lse that there are significant constraints on the companys access to the daily liquidity the company needs to manage its business effectively and its ability to negotiate longerterm financing on tuesday the company again wrote to lse that they have engaged an accounting firm for undertaking rapid contingency planning for a potential insolvency appointment with a view to maximising value in the group finablr also revealed on monday that there are cheques worth nearly us 100 million written by group companies dating back to before the ipo which may have been used as security for financing arrangements for the benefit of third parties as a result of the foregoing events the board is unable accurately to assess the financial position of the company and there is a material uncertainty about the groups ability to continue as a going concern the letter said when contacted the finablr groups chief financial officer rahul pai clarified that their offices are not shut our branches are open but we have stopped accepting new customer transactions and that we are only servicing only those transactions they had already taken that is because of an operational issue and until that is cleared with our banks we wont undertaking any more customer obligations a spokesperson for finablr group commented in light of the prevailing liquidity challenges the finablr board has engaged an accounting firm to undertake rapid contingency planning with a view to maximising value in the group under the current circumstance and in light of the recent disclosures the finablr board believes that it would be in the interest of the organization to understand the full potential value of the groups assets the finablr board is working closely on the matter and finablr and its network brands will continue to operate