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We are committed to repay all dues at any cost: Atlas Ramachandran
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Steering committee formed to resolve crisis
“We are willing to repay our dues at any cost even if it means selling our assets,” Atlas Ramachandran said in a statement sent to Emirates 24|7.
The owner of gold and jewellery firm Atlas Group is currently in police custody for Dh53million in bounced cheques, with his bail petition being rejected on Tuesday.
“We have had very good relationship with banks so far and we hope to continue that way,” said Ramachandran.
According to him, representatives from the company are meeting with officials from banks to sort out the issues and a steering committee is being formed with that effect.
The second meeting of the steering committee is scheduled to be held on tomorrow [Thursday].
In the first meeting, various ways to resolve the crisis was addressed. “We promised banks that we would settle all dues even if it means selling off all our assets,” said Shyam Mohan, head of communications at Atlas Jewellery.
Another offer to negotiate a deal has been made by the Dubai Gold and Diamond Jewellery Group, of which the affected jeweller is a member.
The gold and jewellery retailer has allegedly defaulted on loans worth about Dh500 million ($136.2 million).
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