Force India, financial & ownership legal problems

[Mike Harte]

Originally Posted by 321Go

A Non-executive director is quite different to being on the board of directors - as some have suggested he is.

A non exec director is most certainly a member of the board of directors; otherwise, what would be the point of appointing them in the first place?

However, they are not part of the executive management team - i.e. have no control over the day to day running of the company or business - but their job is to, or should be, is to have an unbiased oversight of the management of the business.

Thus, it is not impossible that Saward's comments about another team may not always be unbiased, and should possibly be taken with a huge pinch of salt.

[Flavio Galtieri]

It must be hard, on a personal level, to be a director of a well funded team who are in their 3rd season as Caterham and yet still have the target of not coming last in the Constructors Championship.

Seeing one's arch adversary get a podium, let alone be at 2nd in the points, must be galling. It's not impossible that if Mercedes have a Senna/Prost Suzuka chicane moment they could do even better.

Having said that, I like his stuff on the blog apart from this and his "Grand Prix Saboteurs" book is an excellent read.

[EastonNeston]

Further legal issues for Mr Mallaya

http://joesaward.wordpress.com/2014/...ijay/#comments

(Other news sources are available)

With both of the teams owners facing major financial & legal issues, indeed Sahara Roy, is still in prison, the future of the team has to be subject to serious doubt.

[wnut]

Originally Posted by EastonNeston

Further legal issues for Mr Mallaya

http://joesaward.wordpress.com/2014/...ijay/#comments

(Other news sources are available)

With both of the teams owners facing major financial & legal issues, indeed Sahara Roy, is still in prison, the future of the team has to be subject to serious doubt.

Saward again! Just trying to distract everyone from the Caterham employee issues.

(Other news sources are available) - Quoting Saward no doubt!

The FIA should pull his accreditation, this is getting ridiculous!

[VIVA GT]

Originally Posted by wnut

Saward again! Just trying to distract everyone from the Caterham employee issues.

(Other news sources are available) - Quoting Saward no doubt!

The FIA should pull his accreditation, this is getting ridiculous!

That's a tad unfair. I admit that Joe does appear to jump on any opportunity to stick the boot into FI, but he is only reporting what's happening!
To even the balance slightly, here's another source of the information about Vijay:
http://economictimes.indiatimes.com/...w/41414234.cms

[Paradise City]

Originally Posted by wnut

Saward again! Just trying to distract everyone from the Caterham employee issues.

(Other news sources are available) - Quoting Saward no doubt!

The FIA should pull his accreditation, this is getting ridiculous!

What ever happened between you and Saward? A few e-fistycuffs between you and him on his blog?

[P38 in workshop]

Joe Saward certainly keeps a close eye on the affairs of Vijay Mallya and tells the world,via his blog.He seems to have a record of being factually correct.He is also known to be a director of Caterham Cars,which are no longer linked to any Formula One team.The sad aspect of the whole Mallya business is that the people employed at Silverstone have demonstrated for several years an ability to achieve much better results than the resources at their disposal should allow.

[Armco Bender]

I like how the describe Mallya as an 'ex-billionaire'.....F1 will do that to you.

[chillibowl]

India is considered an incredibly corrupt nation. one would think that in such a country one could simply pay for their legal troubles to go away.

on topic, im not sure how much this will even effect the team's ability to operate although we may be seeing a change in ownership and why not considering the team has never been doing better and has a top notch engine supply locked up. now would be a good time to sell imo.

[davyboy]

Originally Posted by chillibowl

India is considered an incredibly corrupt nation. one would think that in such a country one could simply pay for their legal troubles to go away.

on topic, im not sure how much this will even effect the team's ability to operate although we may be seeing a change in ownership and why not considering the team has never been doing better and has a top notch engine supply locked up. now would be a good time to sell imo.

For a team perennially reported as being on the brink, they've managed to survive, even thrive, remarkably well. Caterham on the other hand...

[chunterer]

Changing a decent driver line up usually means a pressing need for extra funding?

[MGDavid]

Originally Posted by chillibowl

India is considered an incredibly corrupt nation. one would think that in such a country one could simply pay for their legal troubles to go away.
........

...like one can in Germany ;-0

[wnut]

Originally Posted by MGDavid

...like one can in Germany ;-0

Touché

[wnut]

Originally Posted by chillibowl

India is considered an incredibly corrupt nation. one would think that in such a country one could simply pay for their legal troubles to go away.

I think it largely depends on who hates you, and how much they hate you!

Originally Posted by chillibowl

on topic, im not sure how much this will even effect the team's ability to operate although we may be seeing a change in ownership and why not considering the team has never been doing better and has a top notch engine supply locked up. now would be a good time to sell imo.

Take Note - Mr Haas!

[fredd1]

Could be interesting.....
Didn't have the nous to do the right thing by his Kingfisher employees, why should this be different?

[davyboy]

Originally Posted by chunterer

Changing a decent driver line up usually means a pressing need for extra funding?

Very often it does, yes. I guess we'll have to see here.

[Flavio Galtieri]

Originally Posted by wnut

Saward again! Just trying to distract everyone from the Caterham employee issues.

(Other news sources are available) - Quoting Saward no doubt!

The FIA should pull his accreditation, this is getting ridiculous!

Well said.

It must be galling for him seeing the team he despises doing so well, whilst his favoured son has left employees unable to pay the rent.

[EastonNeston]

Attacking the messenger does not change the fact that both of the teams owners, and their companies, are facing major legal and financial difficulties, which will inevitably affect the operation of the racing team.

[GTRMagic]

Originally Posted by EastonNeston

Attacking the messenger does not change the fact that both of the teams owners, and their companies, are facing major legal and financial difficulties, which will inevitably affect the operation of the racing team.

Ahhh, but now you getting in the way of a good time bringing logic into the discussion.

Where is the company that operates Force India domiciled?

It is entirely possible that this legal entity is not domiciled in India, making the only issue one of maintaining the level of funding to the team, which may need alternate backing from sources not associated with Mr Mallya's India-based companies

[Teretonga]

Originally Posted by GTRMagic

Ahhh, but now you getting in the way of a good time bringing logic into the discussion.

Where is the company that operates Force India domiciled?

It is entirely possible that this legal entity is not domiciled in India, making the only issue one of maintaining the level of funding to the team, which may need alternate backing from sources not associated with Mr Mallya's India-based companies

He has that now. Kingfisher is Indian based but many others are not and I think Diego holds a significant shareholding in Mallya's breweries.

So far, despite the speculation, there is no specific information indicating Force India is in Financial trouble.

[Tucky]

Originally Posted by Teretonga

So far, despite the speculation, there is no specific information indicating Force India is in Financial trouble.

at least not in any more financial trouble than usual. I am in no doubt that Force India most likely have some financial issues but that's probably normal for a team of that size, especially one that's punching well above its weight.

[Paradise City]

It depends on how you define financial trouble but all of Force India's primary owners have been in entangled in very vigorous legal proceedings. From that enigmatic Sahara investment group to Mallya's constellations of companies. Mallya himself is in significant trouble and the cause for concern is real. How far they can insulate Force India from these events, I dunno. It's often hard to bring down a company entangled in loans. Banks will hold out to some lengths to recoup what they can of their cash, that's why Mallya isn't out for the count and probably can stagger on for some time.

[Flavio Galtieri]

Originally Posted by EastonNeston

Attacking the messenger does not change the fact that both of the teams owners, and their companies, are facing major legal and financial difficulties, which will inevitably affect the operation of the racing team.

When the messenger is in the pay of a team owner, (or former owner) and appears to be engaged in a personal feud with a rival team owner he is no longer an independent journalist, he is a paid propagandist.

As such it is perfectly responsible to question the material he puts out on this subject. It appears, and remains, a lengthy campaign to undermine confidence in a team who have made McLaren and others look very, very average this year.

[davyboy]

Originally Posted by Flavio Galtieri

When the messenger is in the pay of a team owner, (or former owner) and appears to be engaged in a personal feud with a rival team owner he is no longer an independent journalist, he is a paid propagandist.

As such it is perfectly responsible to question the material he puts out on this subject. It appears, and remains, a lengthy campaign to undermine confidence in a team who have made McLaren and others look very, very average this year.

This is correct and borne out by the fact that Caterham's calamities rarely, if ever, get mentioned in Saward's blog. But it is a blog which by its very nature is one person's opinion on the world and nothing more. It shouldn't be taken as proper, impartial journalism.

[Casper]

Originally Posted by davyboy

This is correct and borne out by the fact that Caterham's calamities rarely, if ever, get mentioned in Saward's blog. But it is a blog which by its very nature is one person's opinion on the world and nothing more. It shouldn't be taken as proper, impartial journalism.

Given his comments some time ago of him being one of the few that knew what they are doing and reporting he would say his blog is the epitome of F1 journalistic reporting.