What happens when a family business falls into bankruptcy?
Posted On August 4, 2021
India’s Badal family is one of the most prominent families in India, which has seen a boom in the number of companies over the last decade.
But now, they’re facing bankruptcy after a string of losses and mismanagement.
The family, which runs a family-owned clothing chain in Bangalore, lost nearly half of its business in the last few years, and now owes close to a billion rupees ($14 million).
The family is still trying to come to terms with what happened, but it’s clear that something happened in the middle of all this.
“We had been building our brand and building up the brand for a very long time.
We didn’t have any debt, and we had no money to pay our employees.
We had no assets to sell, no property to sell,” said the family’s patriarch, Rajiv Badal, in a telephone interview.
“So when things went wrong, it was very difficult.
We just couldn’t pay our bills.
We couldn’t afford to pay anyone.”
Rajiv Badals family, an important part of the business family.
Source: AFP, Getty Images The family was founded in 1956 by his father and grandfather, both former employees of a furniture factory.
A business of this size is not uncommon in India.
But Badalss family has a reputation for being a family of big personalities.
The Badals patriarch is an advocate for women’s rights, which is why he’s been a staunch opponent of the government’s proposed Goods and Services Tax (GST).
The government has proposed that GST will tax goods and services at a higher rate than any other tax, including the corporate tax.
However, it has not yet been enacted.
Rajiv has also called for the abolition of the right to retirement, arguing that it would be a betrayal of the Indian constitution.
At the same time, he has defended the Badals brand and family.
“If we could just get the money, we would be fine,” he said.
“The whole family is very strong.
There are many people that work for the brand.
The entire family is on the side of this.
I’m confident that if we were to get the funds, we will get through this.”
He is confident that the family will survive.
But the business was also at risk of becoming a target for corruption.
A group of corrupt officials, led by a former governor of Karnataka, have been running a large portion of the family business.
In 2017, Rajav and his father were arrested for their involvement in a bribery scandal.
After their release, Rajivas family took over the business, and is now in charge of running it.
The group has also been linked to several high-profile cases, including one involving a businessman who had allegedly spent nearly a billion dollars on bribes.
But now, it is facing another crisis.
Rajesh Badal told the AFP that he expects his family will be unable to pay its debts and that he would have to leave the business.
When asked about the reason for the company’s troubles, he said he has been working at the family for 20 years.
“It’s the family that made me who I am today.
I never thought I would have a career in business.
I am happy to be here, but I will have to give up,” he told the paper.
His family, a well-known name in India’s garment industry, has faced a string on their own.
The business was the victim of several recent scandals, including a scandal involving a corrupt state official and the theft of a company’s computer system.
Despite the challenges, Rajesh Badals, who has also served as the chairman of the board of directors, says he is determined to continue his work in the family.
While he has not spoken to his family since the start of the crisis, he told Reuters in a phone interview that he was determined to keep working at Badal’s business.
“I am determined to do my job.
I have nothing to be worried about,” he explained.