Ajay Singh Chauhan, CEO of the Spectrum Group of companies addressing a select media briefing, sought to clarify that was there was absolutely no truth to the unfounded rumors that has been circulating recently that its group company ComGuard was exiting the market. He clarified however that the group will scale down the size of its operations by exiting some of the business areas that didn’t have positive cash flow and were extensions outside its core areas of focus.

The group will now comprise of the training division as well as the distribution arms of ComGuard and Psilog. Ajay added that he had been out of the country to attend to his health issues and was recuperating after treatment. He added that his absence for the two weeks or so when he was away for his treatment, led to these rumours.

The company now has a new CFO, who is entrusted with overseeing the streamlining of operational costs. As a result, the group entities will scale down in size and also have smaller budgets through the year. The group may not take part in GISEC and GITEX this year, rather preferring to hold its own focused events for partners and CIOs.

The company has reportedly taken all its vendor partners, suppliers, creditors, local banks into confidence about its restructuring and renewed focus. The group has its own large offices in Dubai Jumeirah Lake Towers.