Allegations baseless:Venky’s

The Venkateshwara Hatcheries Group has denied allegations that it has reneged on a contract as per the legal notice served by Mumbai-based businessman Saurin Shah,head of Qubic Sports Management Venky’s chairperson Anuradha Desai said,“The Qubic Group was never involved in any aspect of the takeover of Blackburn Rovers football club. Their allegations are baseless”,Desai told The Indian Express.The notice sent by Shah alleged that Venky’s,which completed the deal in November for £23 million ($30 million),was liable for the equivalent of a 24 per cent stake in the club,as agreed in early talks between Venky’s and Qubic. According to Desai,however,Qubic put forth a proposal in July this year,under which they would hold 25 per cent stake as sweat equity with the VH Group putting in the entire investment.

Since sweat equity of 25 per cent was not permissible by law,Venky’s rejected the contract and proposed a new one where they could help Qubic Group with a loan to acquire their 25 per cent share,but this fell through as well,she said.