Cash-strapped Vishal Retail may soon become a shell company if the restructuring package proposed by lenders is implemented. Texas Pacific Group (TPG), which has agreed to infuse Rs 500 crore, has put in a condition that…
Vishal Retail denies cooking books, blames auditors
March 19, 2010 By Leave a Comment
Debt-ridden Vishal Retail today denied fudging accounts, blaming it on printing errors by auditors, and said the firm will soon complete its corporate debt restructuring (CDR) exercise. Reacting to a media report that the company inflated profits and under-reported losses during the nine-months ended December 2008, Vishal Retail Chairman Ram Chandra Agarwal told PTI it [...]
Vishal Retail to carry out slump sale of assets, liabilities to new cos
March 13, 2010 By Leave a Comment
Discount retailer Vishal Retail appeared to have moved a step closer to the end of its once spectacular journey after a group of lenders on Friday approved a plan to move nearly all of its assets and liabilities to new companies funded by a private equity firm. Under the plan approved by the corporate debt [...]
Texas Pacific Group likely to buy Vishal Retail, convert it to Cash & Carry
March 2, 2010 By Leave a Comment
Private equity fund Texas Pacific Group (TPG) may take over the assets of the troubled Vishal Retail and convert it to a cash-and carry operation that will see the exit of RC Agarwal, who built a nationwide chain out of the shop he founded in Kolkata 24 years ago. Agarwal owns about 62% stake in [...]
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