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Confident Group Denies Financial Stress, Vows Stability After Chairman's Death

Confident Group's Managing Director T.A. Joseph has publicly assured stakeholders of the company's stability and financial health following the death of its founder, C.J. Roy. He emphasized that the real estate major is a zero-debt company with all projects, including new launches, proceeding as scheduled. Joseph refuted speculation of financial distress, citing strong recent collections and a resilient business model that weathered demonetization and the COVID-19 pandemic. He also clarified that the late chairman's relationships with film personalities were purely personal and not business-related.

Key Points: Confident Group Assures Stability After Chairman's Death

  • Zero-debt company with no bank borrowings
  • 26 ongoing projects, operations resumed
  • Denies financial stress and IT harassment claims
  • Clarifies chairman's links to film personalities were personal
3 min read

Confident Group assures stability, denies financial stress after chairman's death

Confident Group MD T.A. Joseph asserts company is financially sound, debt-free, and projects are on track following founder C.J. Roy's death.

"We have always done straight and fair business. Our model is simple-sales, collection and construction-and the trust of our customers is our biggest strength. - T.A. Joseph"

Kochi, Feb 9

Confident Group Managing Director T.A. Joseph on Monday sought to allay concerns over the company's stability following the death of its founder and chairman C.J. Roy, asserting that the real estate major remains financially sound, operationally active, and unaffected by the tragic incident.

Addressing the media in Kochi, Joseph said Roy's absence would not disrupt projects or client commitments, stressing that Confident Group is a "zero-debt company" with no borrowings from banks, private institutions or individuals.

"We have always done straight and fair business. Our model is simple-sales, collection and construction-and the trust of our customers is our biggest strength," he said.

Joseph confirmed that work has resumed across all project sites.

In Bengaluru, he said, only painting work in two towers remains and will be completed soon.

The company currently has 26 ongoing projects, while in Kerala, 12 projects were announced two months ago, of which eight have already been launched.

Two more projects are scheduled for launch in the State on Saturday.

Refuting speculation of financial stress, Joseph said the company had weathered earlier economic shocks without difficulty.

"We had no issues during demonetisation or the Covid period. In fact, when the world was shut for a month during Covid, we did business worth Rs 18 crore," he said, adding that the company had received Rs 25 crore in collections over the past week and had no pending payments.

On allegations of harassment by Income Tax officials, Joseph denied any such thing and said the officials were only doing their job and that the Group was satisfied with the ongoing Special Investigation Team (SIT) probe into the circumstances leading to Roy's death.

He clarified that statements made earlier by the chairman's brother regarding alleged harassment were based on incomplete information and had been corrected.

Joseph also dismissed reports suggesting business links between Roy and film personalities, stating that the chairman's relationships with actor Mohanlal and producer Antony Perumbavoor were purely personal.

While acknowledging Roy's fondness for cinema and his practice of advancing money to actors, he said there were no business interests involved.

Describing Roy as a strong-willed individual and a devoted family man, Joseph said the chairman spoke daily with his wife and children multiple times.

He also denied media reports about suicide notes, saying only a few personal directives to the family were found and were handed over directly to them and later to the SIT.

Joseph thanked the media for its support, noting that barring a few online channels, most outlets had stood by the Group during a difficult time.

He added that the Kerala Chief Minister had also expressed support, reinforcing confidence in the company's future.

- IANS

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Reader Comments

A
Arjun K
Good to see the management addressing concerns head-on. The "zero-debt" claim is impressive in today's real estate market, especially after the IL&FS and other defaults. But they must ensure complete transparency with homebuyers now more than ever. Actions will speak louder than words.
R
Rohit P
The media should be more responsible. Spreading rumors about suicide notes and financial stress when a family is grieving is shameful. Glad the MD clarified things. My cousin works at their Bengaluru site and confirmed work is going on normally.
S
Sarah B
Interesting to see the mention of weathering demonetization and COVID. That's a strong testament to their business model. However, the sudden death of a founder always creates a leadership vacuum. I hope they have a solid succession plan in place beyond just financial assurances.
V
Vikram M
The clarification about the film industry links was necessary. In Kerala, people talk a lot. Saying the relationships with Mohanlal and others were purely personal puts those rumors to rest. Hope the SIT probe is completed quickly and gives closure to the family.
K
Karthik V
Rs 25 crore collections in one week is no small thing! It shows customer trust is still there. But as a potential buyer, I'll wait and watch for a few months to see if project timelines are really met. The real test begins now.

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