Latest news with #R.Subramanian
The Hindu
12 hours ago
- General
- The Hindu
Madras High Court's 133-year-old heritage building gets a new lease of life
The Madras High Court is all set to complete 163 years since its establishment on June 26, 1862 and the heritage building in which it is housed in at present will be completing 133 years since its inauguration on July 12, 1892. What better time could there be to give a new lease of life to the timeless edifice still serving as a functional building visited by thousands of litigants and lawyers on a daily basis. The High Court's building committee comprising Justices R. Subramanian, R. Suresh Kumar, P.T. Asha and N. Mala have spent considerable amount of time and energy in turning the building's ground floor, that had been neglected for decades, into a pleasant haven that brings back nostalgic memories of the past. Now, the entire two-storey building looks magnificent. According to Public Works Department (PWD) Executive Engineer S. Kulanthaiyan, the biggest challenge in undertaking the renovation work was to shift the old case records that had been stored inside the rooms on the ground floor by stacking them on very tall iron racks. 'We had to spend considerable time on shifting those case bundles and then dismantling the racks using gas welding in order to free up the rooms,' he said. After completing the exercise, repairs were carried out on the damaged walls and ceiling joints, the stone arches were restored, both interior and exterior walls were white washed, doors varnished, all gates leading to the court buildings from multiple sides were opened up, the corridors were spruced up, vintage lighting arrangements were made and the walls were decorated with acclaimed illustrator Manohar Devadoss' pencil sketches of iconic locations in Chennai city. Not just this, the committee also insisted on opening up the spiral staircases that connect the ground floor with the top floors. These spiral staircases had remained under lock and key for several years and used as a place to dump the discarded furniture and other articles. They were also kept shut due to security concerns ever since the Central Industrial Security Force (CISF) began guarding the court building. However, the committee insisted on opening up the spiral staircases too and made the CISF deploy additional personnel at those entry points. Even on the exterior front, multiple standalone overhead water tanks that had been blocking the view of the heritage building were razed down and alternative arrangements were made for water supply without disturbing the classic Indo Sarcenic structure. Advocate M.R. Jothimanian said, the lawyers would always be indebted to the committee for having taken the pains to restore the glory of the heritage building. 'For us, the lawyers, this High Court building is virtually our second home because we spend most of our time over here and we know that it is not an easy job to keep such a beautiful edifice functional without turning it into a museum.'
India.com
12-06-2025
- Business
- India.com
Studied at IIT, IIM, owned business empire worth Rs 35000000000, this 'king of retail market' is serving 20-year jail term due to…, he is...
It is common for us to read about people who succeed against the odds, but once in a while, a story stops you in your tracks. This is one such journey that has ambition, achievement, and downfall all wrapped together. This individual excelled across several domains, including banking, business, and engineering. He was an IIT graduate. He held an IIM degree. He was once hailed as a retail pioneer in India. The same man, once on the cover of leading magazines because of his retail group, turned out to be R. Subramanian. You guessed it! The same R. Subramanian who was the brainchild and force behind Subhiksha, a once 'broadly acclaimed' retail group that went from being a supermarket chain, convenience store, pharmacy, and most notably – a place to grab things quickly – to a business that failed. Despite being an alumnus of IIT and a graduate of IIM, he is jailed for 20 years due to….Well, he is R. Subramanian, the visionary behind the retail chain Subhiksha. According to the court ruling on November 20, 2023, the distinguished IIT graduate and IIM alumnus was found guilty by a special court in Chennai of defrauding hundreds of investors. The court sentenced him to a 20-year sentence. It began in May 1991 when Subramanian first dipped his toe into business and started Viswapriya, which claimed to be a financial services company. Things quickly began to take off, and major investors came to the table with their schemes that showed promise. Subramanian didn't have any allies or backers; he had nothing more than hard work and the belief he had in his idea. After a long journey, he disputed all limits of human aspiration and opened 1,600 outlets across India. According to the Business Standard report (2015), Subhiksha opened its inaugural store in Chennai with an investment of $1 million in March 1997. By March 1999, it had expanded to 14 stores in Chennai, with 50 stores open by mid-2000. By 2006, Subhiksha had established itself in other states of Gujarat, Delhi, Mumbai, Andhra Pradesh, and Karnataka, opening 420 stores. Just two years later (October 2008), Subhiksha had become a common name in India, boasting 1,600 outlets and providing everything from groceries, fresh produce, pharmaceutical products, and mobile phones. If media reports are to believed, the company's worth had reached Rs 3500 crore by then. Moreover, he was once trusted by Azim Premji, ICICI Ventures and Kotak Mahindra Bank. However, in a dramatic twist, things changed. Subramanian became involved in a web of financial misconduct, using investor money in questionable ways and making promises of high returns that couldn't be sustained. In 2023, the truth came to light—he admitted to a Rs 137 crore fraud. The fallout was severe: he was sentenced to 20 years in prison and faced hefty fines. This marked the tragic downfall of Subhiksha, a once-thriving retail dream that came crashing down. His involvement in financial misconduct led to investor funds being diverted through shell companies, leaving 587 investors still awaiting their refunds. The court has fined him Rs 8.92 crore and the companies have collectively been penalized Rs 191.98 crore, of which Rs 180 crore is for compensating the depositors affected by the actions of the companies. The court has directed the amounts to be transferred to a designated authority to verify the investors' claim and to distribute the amounts as appropriate.
India.com
24-05-2025
- Business
- India.com
Meet man who studied at IIT, IIM, owned business empire worth Rs 35000000000 now to remain in jail for 20 years due to…
Meet man who studied at IIT, IIM, owned business empire worth Rs 35000000000 now to remain in jail for 20 years due to… We've all grown up hearing stories of people rising from poverty to wealth and success. However, some stories leave you in awe. This story is full of turns and twists. This individual excelled across several domains, including banking, business, and engineering. Despite being an alumnus of IIT and a graduate of IIM, he is jailed for 20 years due to….Well, he is R. Subramanian, the visionary behind the retail chain Subhiksha. The distinguished IIT graduate and IIM alumnus 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 handed him a 20-year prison sentence. It all started in May 1991, when Subramanian took his first step into the world of business by founding Viswapriya, a financial services company. Soon the venture began to gain momentum, drawing in major investors with its promising schemes. With no backing and starting from zero, Subramanian relied on nothing but hard work and belief in his vision. Over the years, that relentless drive paid off leading him to open an impressive 1,600 outlets across India. Going by a Business Standard(2015) report, Subhiksha commenced its first outlet in Chennai in March 1997 with an initial investment of $1 million. By March 1999, the company had expanded to 14 stores in Chennai, and by mid-2000, the count had risen to 50. By 2006, the brand had made its mark in states like Gujarat, Delhi, Mumbai, Andhra Pradesh, and Karnataka, with 420 stores up and running. Just two years later, in October 2008, Subhiksha had become a household name, with 1,600 outlets offering everything from daily groceries and fresh produce to medicines and even mobile phones. If media reports are to believed, the company's worth had reached Rs 3500 crore by then. Moreover, he was once trusted by Azim Premji, ICICI Ventures and Kotak Mahindra Bank. However, in a dramatic twist, things changed. Subramanian became involved in a web of financial misconduct, using investor money in questionable ways and making promises of high returns that couldn't be sustained. In 2023, the truth came to light—he admitted to a Rs 137 crore fraud. The fallout was severe: he was sentenced to 20 years in prison and faced hefty fines. This marked the tragic downfall of Subhiksha, a once-thriving retail dream that came crashing down. His involvement in financial misconduct led to investor funds being diverted through shell companies, leaving 587 investors still awaiting their refunds. It is to be noted that the court has levied a Rs 8.92 crore fine on him and imposed a collective Rs 191.98 crore penalty on the involved entities. Of this, Rs 180 crore has been designated for compensating affected depositors. The court has ordered the funds to be transferred to an authorized body, responsible for verifying investor claims and ensuring proper distribution.
