Tussle at Sagar Ratna
Search Business Opportunities
May, 14 2014

Tussle at Sagar Ratna

Older staff threatens to take new to the court.

Sagar Ratna, the popular South Indian restaurant chain, is seeing a tussle between the founder of Sagar Ratna, Jayaram Banan and Indian Equity Partners (IEP), the private equity firm which is currently managing the company.

The older employees are set to move court against the new management alleging siphoning of their pension and gratuity money allegedly by forging documents. However, the current management fully denies the charges.

According to a document sent by a high court advocate on 2nd May on behalf of 11 older employees which is addressed to Murali Krishna Parna, Chief Executive Officer, Sagar Ratna Restaurants (P) Ltd, has sought registration of complaints lodged at various police stations in Delhi against Parna and various others in the company and IEP. However, the new management under IEP has denied all allegations and said that Sagar Ratna Restaurants Pvt Ltd and its management have fully complied with all rules on labour-related matters, including those on PF and gratuity.

According to an official spokesperson with the chain, some erstwhile employees and their lawyers have either misunderstood the issues or are acting with ill intent. “The restaurant business was transferred from the erstwhile company - Sagar Ratna Hotels Pvt Ltd to Sagar Ratna Restaurants Pvt Ltd (with IEP owning the majority) and as a part of a legal agreement, Sagar Ratna Hotels Pvt Ltd and its promoter, J R Banan, were liable to clear all dues (including gratuity and PF) of the employees that were being transferred to Sagar Ratna Restaurants Pvt Ltd as a part of the deal.”

Comment
Related opportunities
  •   About Us        Gallantry Salon is world’s first army theme..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • About WONDER KIDZ “The Concept School”: Products and Services: - Pre-School/Kindergart..
    Locations looking for expansion Madhya pradesh
    Establishment year 1999
    Franchising Launch Date 2006
    Investment size Rs. 5lac - 10lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bhopal Madhya pradesh
  • Fine Dine Restaurants
    Want to run your own traditional food family restaurants? Partner..
    Locations looking for expansion Lakshadweep
    Establishment year 1974
    Franchising Launch Date 2012
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Lakshadweep Lakshadweep
  • Ice creams & Yogurt Parlors
    About Us: Established in the year 1956 at Fatehpuri Delhi, Giani..
    Locations looking for expansion New Delhi
    Establishment year 1956
    Franchising Launch Date 2014
    Investment size Rs. 10lac - 20lac
    Space required 80 sq ft-300 sq ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Delhi New Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities