Subhiksha founder ready to quit

R. Subramanian, founder of the troubled neighbourhood retail chain Subhiksha Trading Services Ltd. has announced that he is willing to quit the management of the company if required. Subramanian said he had not drawn his salary since April and won't desert the company or evade responsibility. "If there is a need to install a new management for the better future of the business, its employees and customers, then I shall be more than happy to facilitate this," Subramanian, Managing Director of Subhiksha, said in a statement. "I reiterate that my only reason to be in this job is a sense of responsibility to the stakeholders." On Jan 30, Subhiksha said its business had come to a near standstill and it needs Rs3bn to resume operations. The Chennai-based retailer, founded in 1997, ran out of cash in October after relying on a high level of debt, according to the company. Subhiksha is seeking the rescheduling of Rs7.5bn of loans.