Atlas Ramachandran, who landed in jail over financial issues, is looking to renovate his chain of jewellery showrooms in Saudi Arabia, Kuwait, Doha, and Muscat to begin with.Dubai: Atlas Jewellery founder and chairman M M Ramachandran - popularly known as Atlas Ramachandran - who was released last week on bail after serving close to three years in a Dubai jail, has expressed confidence that he would be able to revive his business and regain the lost empire.
The 77-year-old Ramachandran, who landed in jail over financial issues, is looking to renovate his chain of jewellery showrooms in Saudi Arabia, Kuwait, Doha, and Muscat to begin with.
“The activities of Atlas Jewellery India Ltd, which is listed on the Bombay Stock Exchange (BSE), will be enhanced. The stock has risen to Rs 70 from a share price level of Rs 10. The company, which has over 5,000 small shareholders, will be expanded. Though I was forced to close down nineteen jewellery outlets as well as my office and workshop in Dubai, I will not leave the country. My plan is to open at least one showroom in Dubai, and I will pick up from there,” he told Manorama.
“The problems started when a security cheque got bounced. There was some delay in loan repayment once. The lenders would not have expected that from a reputed company. Yet, I believe they moved the court following bouncing of cheque due to the vicious rumour-mongering.
"It was my wife Indira who held negotiations with banks when they initiated civil proceedings against me. She had to sell off two of our leading hospitals in Muscat for paying back the debts. However, it took some time for the completion of the sale and reach an agreement to put on hold all legal proceedings against me. I’m grateful to God and all who continue to support me and stand by my side,” he added.
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