The retail chain closed down in 2009 after it ran into a cash crunch.In 2016, the ED had attached properties of Subramanian for defrauding Bank of Baroda to the tune of Rs 77 crore in 2007. It becomes a public company in 20052000: ICICI Venturemakes its first investment in Subhikhsa, which has grown to a chain of 50 stores. It buys about a 15% stake for Rs 15 crore2000: ICICI Ventures’Bala Deshpande joins Subhiksha’s board. Subramanian is asked to prepare accounts for 2007/08, appoint a CFO in consultation with the board. KPMG is asked to conduct a complete auditDEC 08 : Premji Invest,lends Rs 50 crore to Subhiksha to tide over acute financial crunchJAN ’09 : ICICI Venture andindependent directors resign from Subhiksha board.

Source: Economic Times February 28, 2018 06:48 UTC