Latest news with #RSubramanian
India.com
18-05-2025
- Business
- India.com
R Subramanian, studied at IIT, IIM, once king of retail market, owned Rs 3500 crore business, now to remain in jail for 20 years due to...
R Subramanian- File image R Subramanian is an alumnus of IIT and a graduate of IIM. Known across India for being the founder of the retail chain Subhiksha, engineer R Subramanian was found guilty by a special court in Chennai of defrauding hundreds of investors according to the court ruling on November 20, 2023. The court determined that he had diverted their assets through a network of shell companies, leading to his conviction and a sentence of 20 years in prison. The story of R Subramanian indicates how you can move from hero to zero from a single mistake. Mistake that led to fall of R Subramanian The court ruling announced that engineer R Subramanian, the IIT Madras alumnus, was found guilty by a special court in Chennai of defrauding hundreds of investors. The court accepted that Subramanian had diverted the assets of the company through a network of shell companies. As a result of these actions, he was sentenced of 20 years in prison. R Subramanian was a very hard working person and after working for two years in the market, he started Vishwapriya to offer financial services and later launched Subhiksha in 1997. With the growth of Subhiksha , over 1600 retail stores of the company were opened across India in the next few years . As per media reports, the worth of the company had reached Rs 3500 crore by then. Moreover, he was once trusted by Azim Premji, ICICI Ventures and Kotak Mahindra Bank. The stores offered a variety of products and gained attention from major investors like Wipro's Azim Premji and ICICI Bank. However, Subramanian ran a Ponzi- like scheme, diverting investor funds through shell companies and promising high returns. In 2023, he was sentenced to 20 years in prison and fined heavily after admitting to a Rs 137 crore fraud, leading to Subhiksha's collapse. Why R Subramanian was arrested! R Subramanian, the Promoter and Managing Director of Subhiksha of the retail chain that sold products under the category of FMCG (Fast Moving Consuming Goods), pharma, groceries, fruits and vegetables, was arrested under the provisions of Prevention of Money Laundering Act, 2002. An investigation by the ED revealed that Subramanian had an unpaid loan of Rs 77 crore to his name for the purpose of establishing the chain of stores. (With inputs from agencies)
New Indian Express
30-04-2025
- Politics
- New Indian Express
Madras HC imposes costs of Rs 50 lakh on TN govt for concealing records on appointment of staff to aided college
CHENNAI: Upset over the deliberate action of the higher education department to 'burke the truth' from the court by concealing records in connection with the granting of approval to the appointment of non-teaching staff at an aided college, the Madras High Court has imposed costs of Rs 50 lakh on the state government. A division bench of justices R Subramanian and G Arul Murugan passed the orders recently while dismissing an appeal filed by the state government against a single judge's order for granting approval for appointments on 12 posts which included sweeper, scavenger and gardener at GVG Visalakshi College for Women, Udumalpet in Tiruppur district. 'We dismiss the appeal with cost of Rs 50 lakh to be paid by the government,' the bench said in the order, adding this cost is imposed only because of the non-cooperative and adamant attitude exhibited by the officials of the department of collegiate education. It directed the government to pay Rs 1.50 lakh each to the 12 employees who were not paid the salary; of the remaining amount, Rs 16 lakh shall be paid to the Cancare Foundation, Gandhi Nagar in Chennai, and another Rs 16 lakh to the Nethrodaya within eight weeks. The bench ordered the government to recover Rs 25 lakh of the costs from C Poorna Chandran, the then director of the collegiate education, and the remaining amount from all the staff members of the directorate of collegiate education responsible for 'screening away' the records from the court 'with a sole object of burking truth' from the court. Further, it ordered the secretary of higher education department to immediately initiate departmental action against them. GVG Visalakshi college was sanctioned with 35 non-teaching posts. It had appointed 12 non-teaching staff members. The director of collegiate education Poorna Chandran approved the posts in 2022 but the salary was not paid. The college filed a writ petition which was heard by a single judge who ordered grant of approval, on April 2, 2024 to give approval for the appointment. However, the government filed the appeal. It said only 11 posts were sanctioned and the remaining were ordered to be outsourced as per two G.O.s issued in 2019. However, the division bench pointed out that the high court had already ruled that the two G.O.s issued in 2019 shall not be applicable to private aided colleges and directed the government to grant approval within eight weeks.
New Indian Express
30-04-2025
- Politics
- New Indian Express
TN government fined Rs 50L for hiding hiring of non-teaching staff in aided college
CHENNAI: Upset over the deliberate action of the higher education department to 'burke the truth' from the court by concealing records in connection with the granting of approval to the appointment of non-teaching staff at an aided college, the Madras High Court has imposed costs of Rs 50 lakh on the state government. A division bench of justices R Subramanian and G Arul Murugan passed the orders recently while dismissing an appeal filed by the state government against a single judge's order for granting approval for appointments on 12 posts which included sweeper, scavenger and gardener at GVG Visalakshi College for Women, Udumalpet in Tiruppur district. 'We dismiss the appeal with cost of Rs 50 lakh to be paid by the government,' the bench said in the order, adding this cost is imposed only because of the non-cooperative and adamant attitude exhibited by the officials of the department of collegiate education. It directed the government to pay Rs 1.50 lakh each to the 12 employees who were not paid the salary; of the remaining amount, Rs 16 lakh shall be paid to the Cancare Foundation, Gandhi Nagar in Chennai, and another Rs 16 lakh to the Nethrodaya within eight weeks. The bench ordered the government to recover Rs 25 lakh of the costs from C Poorna Chandran, the then director of the collegiate education, and the remaining amount from all the staff members of the directorate of collegiate education responsible for 'screening away' the records from the court 'with a sole object of burking truth' from the court. Further, it ordered the secretary of higher education department to immediately initiate departmental action against them. GVG Visalakshi college was sanctioned with 35 non-teaching posts. It had appointed 12 non-teaching staff members. The director of collegiate education Poorna Chandran approved the posts in 2022 but the salary was not paid. The college filed a writ petition which was heard by a single judge who ordered grant of approval, on April 2, 2024 to give approval for the appointment. However, the government filed the appeal. It said only 11 posts were sanctioned and the remaining were ordered to be outsourced as per two G.O.s issued in 2019. However, the division bench pointed out that the high court had already ruled that the two G.O.s issued in 2019 shall not be applicable to private aided colleges and directed the government to grant approval within eight weeks.
New Indian Express
27-04-2025
- Business
- New Indian Express
IP law, litigations offer a promising career for lawyers, says HC judge
CHENNAI: Intellectual Property law and litigations offer a promising career for the potential lawyers with the development of technology, said Justice R Subramanian, judge of the Madras High Court. He was delivering the inaugural address at the event marking the World Intellectual Property Day celebrations and the AA Mohan IP Lecture Series in Chennai on Saturday. The event was organised by Intellectual Property Association of South India, a body of lawyers. 'Now, we have so much in the way of intellectual property laws. Technology has developed so much. So many branches of this law have come up. The developments are giving rise to new branches,' the judge said. He noted if the lawyers specialise in IP laws and prove their mettle, they will have abundant opportunity. A panel discussion, moderated by justices C Saravanan and Senthilkumar Ramamoorthy of the high court, on Artificial Intelligence and IP Rights was held. Senior counsels PVS Giridhar, Srinath Sridevan and advocate Rajesh Ramanathan were also part of the panel. State advocate general PS Raman, president of the association PV Balasubramaniam and Secretary Ramesh Ganapathy also spoke at the event. Advocate R Sathish Kumar delivered a lecture on the legacy of AA Mohan who was a specialist in IP laws in Chennai. A newsletter was released at the event, in which Justice Abdul Quddhose also participated.
