'No single stakeholder should control Subhiksha'

The public spat with private equity firm ICICI Venture notwithstanding, retail chain Subhiksha Managing Director R Subramanian today said they can together bring the firm back on track provided one shareholder is not allowed to force its decisions on the firm.

“As long as we do not make the mistake of allowing one shareholder to force its decisions on the company and we capitalise the company well, we should not have too much issues,” Subramanian said.

Asked if the parties could work together again after so much of differences, he said: “As a set of investors we all have points of view which could be different on various matters, but the differences do get exaggerated in times of stress. However, all investors believe in the Subhiksha way and the model and the need to get the company back on track.”

Subramanian said the company is moving forward with the corporate debt restructuring (CDR) process and working with the revival plan and added: “We do not see the bad blood being demonstrated at this stage impacting the CDR or revival.”

“Banks want all of us to be committed to the cause of the business revival and they are wiling to do all from their side. As long as we show commitment to fight for company revival, than for each other selfish interest life would be fine and the company would be back,” he added.

Subramanian described the current spat with ICICI Venture as “what happens in families” and “there could be huge fights and then there is reunion — the fights are temporary — the unity on the cause is perpetual”.