Ecommerce logistics firm GoJavas’ parent company Quickdel has sent an Rs 300 crore legal notice to the founders of Snapdeal Kunal Bahl and Rohit Bansal and to Snapdeal’s parent Jasper Infotech.
As per a report in the Times of India, Anand Rai, who bought over Snapdeal’s stake in GoJavas told TOI that Snapdeal stole confidential business information from GoJavas and even stopped doing business with it for the benefit of its own logistics arm Vulcan Express.
GoJavas raised funding from Snapdeal in the past and the latter also owned 49% stake in the logistics company. Anand then bought that stake in a fire sale and merged it with his logistics business Pigeon Express.
Anand claims that Snapdeal stole information such as data on employees and service vendors.
A Snapdeal spokesperson told TOI that the charge was baseless.
“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,” TOI quotes Anand as saying.
The notice also accuses Jasper Infotech and its founders of siphoning off money from GoJavas to Vulcan Express.
What’s interesting is that this comes after Jasper Infotech registered an FIR against with the Economic Offences Wing of Delhi Police against former senior executives of Quickdel Logistics, the parent company of e-commerce logistics entity GoJavas in June. This was during the time Flipkart was conducting due diligence on Snapdeal when merger talks were on.
The FIR named former promoters and directors of Quickdel Abhijeet Singh, Praveen Sinha, Randhir Singh and Ashish Chaudhary accusing them of cheating, forgery, and conspiracy, criminal breach of trust and criminal misappropriation of funds.
As per the TOI report, the complaint had stated that Snapdeal was ‘induced’ to buy shares in Quickdel.
The Snapdeal spokesperson who told TOI that the allegations were baseless, added that it is in direct contradiction of the `Release and Settlement Agreement' executed by Rai and Quickdel on March 31.
According to the agreement, Jasper Infotech, Jasper Group and its officers, employees, nominees, directors and others were completely released from all liabilities consequences arising out of the share purchase agreement, share acquisition & shareholders' agreement, and master logistics services agreement.