the enforcement directorate has arrested subhiksha retail chain founder r subramanian under pmla for defrauding investors in a chit fund scam subramanian is the promoter and managing director of ms subhiksha trading services limited a retail chain of stores which used to sell products under the category of fast moving consumer goods fmcg pharma groceries fruits and vegetables among others the retail chain closed down in 2009 after it ran into a cash crunch in 2016 the ed had attached properties of subramanian for defrauding bank of baroda to the tune of rs 77 crore in 2007 the loan was among various facilities availed from various banks for the purpose of establishing the chain of stores with the brand name subhiksha failed model a timeline 1997 subhiksha trading services is set up as a private limited company it becomes a public company in 2005 2000 icici venturemakes its first investment in subhikhsa which has grown to a chain of 50 stores it buys about a 15 stake for rs 15 crore 2000 icici venturesbala deshpande joins subhikshas board renuka ramnath is nominated to the board 2 years later dec 2007 ipo plans calledoff after legal firm amarchand mangaldass refuses to sign off 2008 azim premjis zash investment acquires 10 stake in subhiksha from icici ventures for rs 230 cr june 08 subhiksha proposes a reverse merger with blue green constructions to get listed maysep 08 complaints reports appear in media about delay in payment of salaries arrears in pf dues oct 08 subhikshashareholders meet clears proposal for reverse merger creditors also approve proposal nov 08 story boardmeet called by shareholders and directors meet to discuss problems subramanian is asked to prepare accounts for 200708 appoint a cfo in consultation with the board kpmg is asked to conduct a complete audit dec 08 premji investlends rs 50 crore to subhiksha to tide over acute financial crunch jan 09 icici venture andindependent directors resign from subhiksha board most of companys 1650 shops are shut janmar 09 kotak mahindrabank files winding up petition mar 09 madras high court appoints provisional liquidator apr 09 decision stayed but proceedings of winding up can continue jun 09 registrar of companies chennai orders a probe into subhiksha affairs nov 09 supreme court asks madras high court to dispose of reverse merger petitions oct 10 madras highcourt rejects subhikshablue green merger paves way for winding up et online published on feb 28 2018 at 1250 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis