Vasan Eye Care Winding Up Latest News – Alcon Case , NCLT, High Court Verdict

On Monday, 16 May 2017 (16/5/2017) CBI raids are being conducted at Chidambaram’s houses and his son Karthik Chidambaram’s offices, houses. On 21 April 2017, National Company Law Tribunal (NCLT) Division Bench, Chennai has ordered that insolvency resolution proceedings can be started against Vasan health Care Pvt Ltd. Alcon Laboratories (India) Pvt Ltd has filed a case that they have 94 crore payment pending from Vasan Health Care for supplies. The order given by NCLT is very important and situations are worse for the company at present. So Vasan Eye Care winding up situation may happen as insolvency resolution has been ordered by NCLT in favor of Alcon. Section 9 of the Insolvency and Bankruptcy Code 2016 has been initiated in giving order.

Vasan Health Care Pvt Ltd pointed out that an injunction order against winding up proceedings was made by Madras High Court and an agreement has been arrived to give payments to suppliers through Andhra Bank. NCLT pointed out that Madras High Court has not given any winding up order or appointed any liquidator. In this case corporate insolvency resolution process cannot be prevented by pointing out a pending case of winding up. As per this order by NCLT insolvency resolution processes should be completed within 180 days.

So will Vasan Eye Care winding up actually happen or will this get a High Court stay order is what every one is waiting to know.Vasan Eye Care hospitals were known for their great caring treatments which made them stand out among other eye hospitals in India. Vasan Eye Care had a good team of doctors, ophthalmologists, Customer care and Support staff which cared for the patients and the great treatment provided by them made it special. For past few months there had been lot of delays and problems in the payment of salary by Vasan Eye Care Hospital. The company had opened more than 100 hospitals.

When the Political environment changed with the arrival of BJP, and raids on the company, many financial crisis started to begin. Enforcement Directorate gave notices against Karthi Chidambaram, saying that he is connected to Vasan Health care.

Most of the hospitals of Vasan Eye Care operate on buildings taken on rental basis. There was issue in many centers when the Rent was not correctly paid. There was delay in payment of Provident Fund to Employees’ Provident Fund Organization, ESI and many cases at Labor Offices in many districts due to delay in payment of salary, minimum salary and similar problems.

Vasan Eye Care Winding Up Latest News 2017

Will Vasan Eye Care hospitals be closed down or not, will be based on upcoming situations in coming 6 months.
Earlier few months back at Madras High Court a petition was filed demanding winding up the Vasan Health Care Group and appointing liquidators to give money to creditors. Vasan Eye Care winding up case was kept as pending, by deciding that payments will be made to everyone through Andhra Bank. This order is now being overtaken by National Company Law Tribunal (NCLT) Division Bench saying that an order in a pending case cannot be justified against starting of insolvency resolution proceedings.
Vasan Eye Care Winding Up Latest News 2017

Old News

The verdict by Madras High Court on 23-9-2015 is – “Vasan Eye Care is given time 5th October 2015 to pay off the debts of around Rs 4.91 Crore to avoid the company being wind up. The Provisional winding order was passed by the High Court in 10 August 2015 and this order will be put on Stay till 5 th October 2015. If the company does not pay this before this cut off date, more actions will be taken against VHCL.”

The winding up of company will not be done immediately, because it will directly and indirectly affect thousands of employees, professionals, ophthalmologists, doctors.etc. who are working at the Vasan Eye Care hospitals in India and other locations.

High Court Judgement – Vasan Eye Care (VHCL) is allowed time til 5 October 2015 (5-10-2015) to pay off debts t creditors which sums to Rs 4.91 Crore. If this amount is not paid , the company will have to be wind up.

Now the case that is up for hearing is Non-Payment of TDS – Tax Deduction at Source.

Rs 223 Crore Black Money case against Chidambaram and Karthi was accused by Gurumurthy, who is a media person. For past several years there were unanswered questions regarding who was the real owner of Vasan Eye Care Hospitals. There has been insider talk that Dr.AM Arun is just a dummy (binami) who was used by Politicians of Congress to hide the black money. But who were these politicians.

There was an answer for past several years – Chidambaram Vasan Eye Care Owner. This was what everyone said, but nobody was able to publish it in media, because of lack of evidence, when alleging against a Former Cabinet Finance Minster of India. Everyone was of fear of the fact that Congress Government had earlier, censored Online media, social networking and news publishing sites and even took action against many people for talking against Government. But when Narendra Modi led BJP Government came into power with the powerful Subramanian Swamy, no one could stop the strict actions against Vasan Eye Care, the biggest Chain of Hospitals owned by a Congress politician and former Minister P Chidambaram.

His son Karti Chidambaram had also equal shares in it. Things became easy with the arrival of S Gurumurthy with a petition alleging against Vasan Eye Care which made black money that trailed to P Chidambaram and his son Karti’s hands. A notice was served by High Court on 28 August 2015 and this case is up for hearing in Supreme Court on 23 September 2015. Real Owner of Dr. AM Arun’s Vasan Healthcare Group is Former Indian Minister P Chidambaram. Raids conducted on Vasan Eye Care and Karti Chidambaram’s Office on 1 December 2015. This was one of the shocking news for people who did not know anything about Vasan eye Care being connected to Chidambaram.

Asianet News

Manmohan Singh, Chidambaram and AM Arun at opening of 100th Eye hospital at Karaikudi in Tamilnadu

 Vasan Eye Care Wind Up or Not Madras High Court Order

On (1/12/2015) – Raids conducted on Vasan Eye Care and Karti Chidambaram’s Office on 1 December 2015.

On 18 June 2015 a petition demanding the Vasan Eye Care Wind Up (Vasan Health Care Ltd VHCL) and liquidating the company’s assets for paying debts was filed by the Creditors Ganesh Lal Jain, Suresh Kumar Jain. The winding up petition is eagerly watched by the entire media on what all things are going to happen for the popular truested brand that had hundred’s of Vasan Eye Care and Vasan Dental Hospitals. Former Finance Minister Chidambaram’s connections with Vasan Health Care and a black money allegation was earlier questioned, but he denied all such news reports.

Raids Vasan Eye Care, Karti Chidambaram Offices Chennai

Latest News (16/5/2017) – CBI raids are conducted at former Chidambaram and his son Karthik’s houses, offices.

Old news – Enforcement Directorate conducted second raid at the office of Karthi Chidambaram in Chennai. The raids at Finance Minister P Chadambaram’s son Karti Chidambaram’s office in Chennai are continuing and Karti Chidambaram said that “Neither I nor any of my family members have any connections with the said firms”. Karthi meant about the allegations that he has connections with Vasan Eye Care or Advantage Strategic and he made clear that he has no connection to these companies.

Karthi Chidambaram

PC Chidambaram

Enforcement Directorate and Income Tax Department conducted raids on Tuesday, 1 December 2015 (1-12-2015) at the offices linked to Karti Chidambaram, the son of Chidambaram, Former Finance Minister of India. The raids were conducted on companies like Vasan Eye Care and Advantage Strategic in connection with the Aircel-Maxis deal in connection with 2G scam. The Raids Vasan Eye Care and the Advantage Strategic in connection with the G scam is very shocking.

Enforcement Directorate had issued notice to Directors of Advantage Strategic in suspicion of money laundering. The notice was issued to Advantage Strategic after finding that Rs 26 lakhs was sent to Aircel Televentures.

When P Chidambaram was asked about the raids, he replied “Govt  can Target Me directly. If the government wishes to target me, they should do so directly, not harass friends of my son who carry on their own businesses and have nothing to do with politics”. Former Minister  Chidambaram was of the opinion that Government is targeting him and his son Karti using fake cases and his family is prepared to meet it.

After the UPA lost elections and the Modi Government came into power, which resulted in many hidden cases and scams to come out into limelight as investigation progressed. The present cases are the result of it and the recent raids are also part of it find the truth behind 2G scam.

Other News about Vasan Eye Care

There has been lot of complaints from Vasan eye care staff and doctors all of the country under Vasan Health Care that the salary and payments are not being given on time. Lot of employees have been resigning and looking for new jobs due to the delay in payment of salary. At many centers of Vasan Eye Care hospital network , many Labour Office raids were also conducted in past few months due to the written complaints received from staff to Labour offices.

There has also been issues regarding pending PF, ESI payments to PF (Provident Fund) offices and ESIC and few of them have been sorted out. This has raised lot of insecurity and panic among the staff who are looking for new jobs, especially due to delay in salary payments.

A big hospital network like Vasan Eye Care is suffering from financial crisis for past few months and huge amount is pending for many  companies. In September – October 2015 there was a Court case regarding request for winding up of Vasan Eye Care by appointing liquidator, due to the complaint that the rent of Hospital building was not paid for  past few months.

An Injuction stay order was received in favor of Vasan Eye Care giving them more time to give the pending amounts.

If the Vasan Eye Care hospitals function well, it can easily pay of all its debts and avoid delay in salary payments. It is unknown regarding what are the internal problems with in Vasan Eye Care and whether it will closed up or not. A big Hospital network like this cannot be easily closed up saying that it is suffering from financial crisis. And almost all hospital buildings of Vasan Eye Care are taken or rent or lease, which means they do not have any property of their own.

But the probe to find the real ownership of Vasan Eye care is going on and if the Crime Branch and IT investigation points to the real owners, they cannot escape just by closing up the whole network, because they will have to pay off the debts.

And everyone expects that Vasan Eye Care Group functions well and comes back powerfully, because Thousands of staff are working in these hospitals, who are depending on this job.

Vasan Health Care Court 5 October 2015 Interim Order Pay 4.90 Cr Debt
 On 23-09-2015, a Court order was passed by Madras High Court Justic Mrs. Justice Pushpa Sathyanarayana in the case between Vasan Health Care Limited and Ganesh Lal Jain. There was a debt of Rs.4.90 crores in the form of rental dues which was not given by VHCL. Based on this an interim order to wind up the company, appoint a liquidator and pay of debts was issued on 10 August 2015 within 21 days. But Vasan Counsel pointed to an injunction order against this in Delhi Court. Later based on the appeal, the case was up for hearing again on 23-9-2015.

Vasan Eye Care had taken a building at Pusa Road in New Delhi which was given for lease by Ganeshi Lal Jain and Suresh Kumar Jain. The pending rent on this building for few months had developed all these issues, which dragged the company into Court.

A court order was passed asking the Vasan Health Care to pay off all debts to Ganesh Lal Jain before 5-10-2015. Vasan Health Care had told that they are vacating the premises of the Delhi hospital by 30 September 2015, for which the rent was pending. VHCL laos informed that it will pay the debts before 5-10-15. This new development is a relief to many people who feared that the Vasan Health Care and the Vasan Eye Care Hospitals will be closed down or winded up.