Atlas group will mortgage properties to clear dues if needed, says official
September 2, 2015 | 1:28 PM
by REJIMON K/[email protected]

Muscat: “We will clear all dues even if we have to mortgage our properties,” an official told the Times of Oman, quoting M M Ramachandran, chairman of the group, who is in the custody of Dubai police for allegedly issuing bad cheque.

“In talks with banks, our chairman has assured that all dues will be cleared even if we have to mortgage our properties in the GCC countries. We have hired a consultant group to resolve the issue. They are looking for options,” Shyam Mohan, head of communications, Atlas Jewellery, told the Times of Oman.

According to reports, Ramachandran and his daughter were taken into custody by the Dubai Police in cases relating to suspected bounced cheques.

Following the arrests, the shocked NRI community in the region, especially the Keralites, have launched an online petition in support of Ramachandran.

Meanwhile, several Indian expatriates have committed to buying gold from the Atlas Jewellery stores to boost their sales.

Keralites are also active on Twitter in support of Ramchandran #WeSupportAtlasRamchandran.

Talking to the Times of Oman, Saraswathy Manoj, an Indian social worker in Muscat, said she has bought a few grams of gold from an Atlas Jewellery outlet in Ruwi, adding that she was also part of a WhatsApp group where members are contemplating the same. “Whenever our group has approached the Atlas Hospital seeking support for stranded patients, they have helped us. They have never been reluctant,” added Saraswathy.

Atlas Jewellery was founded by Ramachandran in Kuwait in 1981, but he was forced to relocate to Dubai after its trading was suspended during the first Gulf war. The group also has interests in real estate and healthcare. It owns and manages two hospitals in Muscat.

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