echo ''; Clamorworld » In everyday life every one of us comes across various experiences, incidents which we either don’t share with anyone or share with family members and friends. Print media, electronic media and various medium shows the news, but its ends up showing one sided of the story. We never come to know the other side of story. With so much happening every day, every second across our neighborhood, society, and world it’s difficult for the news media to cover all the news. Many times we have felt wish we could share our voice, opinion, thoughts with the world. Many a times we have felt the frustration, anger and helplessness for not being able to do anything about an incident. Have you ever felt, for a good cause, you need support, but don’t know how to garner the support and attention. So, now you have an option “www.Clamorworld.com“. This is a platform to share everything you want to. A website 100% runs by the people for the people. The world is waiting to listen to your voice, the voice which has kept you suppressed so far. If you do not want to share the incident, event personally, please send it to us at contact@clamorworld.com, and we will share it on your behalf and assure to keep your name confidential. Let’s make this world a peaceful and a happy place to live. » Indian Billionaire Behind UK Shareholder Rebellion: Report

Indian Billionaire Behind UK Shareholder Rebellion: Report

 

London: A Dubai-based Indian billionaire is reportedly behind a shareholder rebellion at one of Britain’s major fashion retailers, a media report said on Sunday.

Mukesh “Micky” Jagtiani, an Indian-born former London taxi driver who now runs a sprawling retail empire from the Middle East, and two other investors are pushing for a board shake-up at UK-based Debenhams, ‘The Sunday Times’ reported.

Milestone Resources, the holding company for Mr Jagtiani, has joined hands with Schroders and Old Mutual to demand the change at the struggling British department store with help from broker Cenkos, the newspaper claimed.

Together the three investors own about 25 per cent of Debenhams.

Mr Jagtiani, 63, has wealth estimated at 3 billion pounds (Rs 30,000 crore at 1 Great Britain pound = 100 rupees) – most of it derived from his Landmark Group, which has stores across the Middle East and India.

Before the financial crisis struck, he was rumoured to harbour takeover ambitions for Debenhams.

A source close to the coup plot told the newspaper that progress was too slow and said shareholders would be prepared to spare Debenhams’ chairman if he took swift action to replace his chief executive.

“The trading strategy is not working,” the source said.

“There’s a reason why people have to promote – customers won’t pay full price when the product’s not desirable enough. It’s clear that people have been there too long, nothing’s changing and it’s one-way traffic,” the source added.

Hit by disastrous trading in 2013, when it issued two profit warnings, Debenhams has been trying to wean itself off a diet of promotions and special offers. The retailer reported flat sales for the quarter to June, which it blamed on three fewer days of discounting than usual.

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