Indian ecommerce firm Snapdeal is in trouble again. The firm, which was on sale till a while ago, has sent a jaw-dropped Rs 300-crore legal notice from GoJavas' parent company Quickdel Logistics. Yes, it is the very same GoJavas that had raised investment from Snapdeal.

The notice was sent to Snapdeal founders Kunal Bahl and Rohit Bansal, and Jasper Infotech, which runs Snapdeal. Talking to Times of India (TOI), Anand Rai, who had acquired Snapdeal's stake in GoJavas and merged it with his Pigeon Express, revealed the reason for why the notice was sent. He shared that the notice was served when Snapdeal stopped doing business with GoJavas for the benefit of its logistics arm, Vulcan Express and "stole" some of the confidential business information such as data on employees and service vendors etc.

Snapdeal has decided not to take the chargers lying down and has termed the accusation totally baseless. Snapdeal earlier had a 49 per cent stake in GoJavas, which its founders decided to sell to Rai in a fire sale. The spokesperson from the organisation also revealed that the notice is in direct violation of the `Release and Settlement Agreement' executed by Rai and Quickdel on March 31.

"I've sent them a legal notice worth Rs 300 crore for criminal breach of trust against GoJavas which resulted in erosion of value of Quickdel," Rai said in a statement to TOI.

The notice sent by Rai accuses Snapdeal founders and the company of being in criminal breach of trust and siphoning off money from GoJavas to Vulcan Express.

The notice follows a first information report (FIR) filed by Jasper Infotech with the Delhi Police against the former promoters and directors of Quickdel -Praveen Sinha, Randhir Singh, Ashish Chaudhary and Abhijeet Singh, where it accuses the four of cheating, forgery, criminal breach of trust, conspiracy and criminal misappropriation of funds. The complaint highlighted that Snapdeal was "induced" to buy shares in Quickdel.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.