'We are looking for Khemka's replacement'

Q&A: Ram Chandra Agarwal, Founder & CMD, Vishal Retail

In an email interview with Raghavendra Kamath, Vishal Retail promoter Ram Chandra Agarwal talks about the status of the corporate debt restructuring (CDR) and the reasons for its delay. Edited excerpts:

What is the status of your CDR? When do you expect it to conclude?
The process is on and the last joint lenders’ meeting (JLM) was held between the participating banks and the CDR Cell on January 30, where the proposal was discussed. The next JLM is proposed to take place next week for further deliberations. It’s a time-bound programme according to the law and will be scheduled in the prescribed period.

There are reports that the joint lenders want you to step down as part of the CDR, but you are averse to the idea...
We will take all necessary steps in the interest of the company and the stakeholders.

Do you think the fortunes of the company will improve for the better if new professionals take charge?
The current management is competent enough to run the company on profitable lines with the help of industry professionals, for which the company is taking necessary steps.

Is any strategic investor involved?
Within the CDR mechanism, some investor has submitted his proposal, which is under consideration at the CDR committee level.

Why did Ambeek Khemka step down in the middle of the CDR? There are reports that he had a rift with promoters...
It was his personal decision. There was no problem as such. He may be getting some good opportunities somewhere. We have appointed senior accountant Anil Khatri as a consultant to take care of banking relations, which were primarily handled by Ambeek. We are looking for a replacement from the industry and will appoint someone suitable for the position.

What is your plan for the company’s revival and growth?
We have already submitted our growth/revival plans to the CDR Cell. They are under consideration.