NEW DELHI — The former managing director of Adidas India Pvt. Ltd. has sued the company for 150 million rupees, or $2.8 million, over allegations of financial irregularities in the subsidiary.
Subhinder Singh Prem sent a legal notice to Adidas AG last week following the German sportswear giant’s statements that financial irregularities amounting to 125 million euros, or $165.8 million, resulted in a pretax loss in India in the first quarter. Adidas said it also may need to spend another 70 million euros, or $92.8 million, to restructure the Indian operations.
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