One more skeleton out of the shelf!!

If Satyam was the poster boy of Indian IT, Subiksha was the star of the retail sector.  Perhaps this is the season of heavyweights crashing down like nine pins!!

The allegations against Subiksha are even more shocking than Raju’s confession.  Employees have not been paid salaries for a few months, vendors’ bills have not been settled for ages, landlords not paid their rents and it also appears that the government is also on the line.  Yes, Subiksha has not remitted the Provident Fund dues since June 2008.

Sales have come down only recently and so the big question is “what happened to the sales proceeds all these period, if none of the bills were paid?”.  Is there an Ahskibus somewhere around?  (Just in case you are wondering what I’m writing about, remember Maytas vs Satyam??)

Is this the end of the big retail dream of India?

I will come back with a few questions and if anyone has the answers, i would love to read them.


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