New Delhi: R Subramanian, the managing director of beleaguered retail chain Subhiksha Trading Services Ltd has said he is prepared to step down from his position if shareholders want him to do so.
In a statement issued on 25 February, he said: “I am aware of my responsibility to the business and the stakeholders and will not let them down in anyway either by running away or by clinging on if that damages.”
Subramanian, the only remaining member on the company’s board said he himself has not drawn his salary since April even as the company hasn’t paid salaries for about 15,000 employees since September. Earlier this month, the company admitted that it ran out of money in October and its network of more than 1,600 stores has come to a standstill.
Subramanian has been trading charges with Subhiksha’s largest investor ICICI Venture Funds Management Co. Ltd that holds 23% in the mothballed retailer even after selling 10% stake to information technology billionaire Azim Premji last year.
However, Subramanian said he has to make sure that the company’s revival plan is on track and some of the existing issues addressed before he quits.
“Of course I cannot leave the system in the lurch till one is sure that the company is back on track and all stakeholders are taken care of adequately,” he said.