Businessman MM Ramachandran, popularly known as Atlas Ramachandran, who was released from Dubai jail a few days back, said that he intends to return to gold jewellery business without much delay. Atlas Ramachandran had to undergo imprisonment for three years from August 2015 following allegations of default against him by a number of banks.
The issues with the banks are being settled and some procedures are yet to be completed. “I am aiming to start a showroom in Dubai itself after the issues are settled. I think that the people who trusted me will stand by me in this venture also,” Atlas said.
“I had to stay away from people for three years. This was a lesson in every way. Now, I have to concentrate in business. I am postponing all other programmes. I need time to complete the legal procedures and to get permission to conduct business. After obtaining this, I will start the new enterprise. The new beginning will be by starting a showroom in Dubai,z’ he said. Atlas said that a small lapse occurred in a dealing with a bank.
“Even though it was a minor lapse in the beginning, I could not solve it promptly. This affected the transactions of other banks also. I hope that everything can be settled through talks. I have sold some assets including hospitals in Muscat and have given some money to all the banks proportionally. I expect all issues to be resolved soon,” he said.
“However, I learnt one thing within these three years. Whatever business we do, out presence and attention should be in it. This is important. I am also convinced that entrusting other people to run the business is not correct. Even after everyone left, my wife Indira, who does not know the basics of business, managed all the matters singlehandedly. It is because of her efforts that I was released from jail,” Atlas Ramachandran said.