The retailer was forced to shut its network of supermarkets across India due to acute financial crunch.
Beleaguered retail chain Subhiksha on Friday said Kotak Mahindra Bank, which had lent Rs 40 crore (Rs 400 million) to it, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.
Food and grocery retailer Subhiksha has taken the acquisition route to list its shares on the stock exchanges. The company wants to avoid an initial public offer in view of the turbulence in the capital market.
Investors ICICI Venture and PremjiInvest as well as a lender of Subhiksha Trading Services have objected to the cash-strapped retailer's merger plan with Chennai-based Blue Green Constructions and Investments, in which it acquired a 40 per cent stake in June last year.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances