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Tagged as promoter of Snapdeal-backed Unicommerce eSolutions, SoftBank seeks indemnity rights from Kunal Bahl, Rohit Bansal

SEBI has increased scrutiny of IPO-bound companies, resulting in several instances where it has asked companies to reclassify members of promoter groups as promoters or asked investors holding concentrated bets to classify themselves as promoters.

June 21, 2024 / 13:26 IST
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Tagged by Sebi as promoter of Snapdeal backed Unicommerce eSolutions, Softbank seeks indemnity rights from Kunal Bahl, Rohit Bansal
Tagged by Sebi as promoter of Snapdeal backed Unicommerce eSolutions, Softbank seeks indemnity rights from Kunal Bahl, Rohit Bansal

With market regulator Securities and Exchange Board of India (SEBI) assigning the promoter tag to SoftBank for Snapdeal-backed SaaS company Unicommerce eSolutions, the Japanese investor has entered into an indemnity contract with Snapdeal's founders—Kunal Bahl and Rohit Bansal—to protect itself and its executives from any future liabilities arising out of the responsibilities of being deemed a promoter of Unicommerce.

As per filings with SEBI, at the time of filing of its draft initial public offering (IPO) papers in January, Unicommerce had only identified AceVector Limited (formerly known as Snapdeal Limited) as its promoter.

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In an addendum filed with the regulator earlier this month, Unicommerce said that its board of directors on May 29 decided to also identify Starfish I Pte. Ltd (a SoftBank entity), Kunal Bahl and Rohit Kumar Bansal as promoters of the company.

Before the board's decision, SoftBank had on May 17 entered into an indemnity agreement with the Snapdeal co-founders to protect itself from any liabilities arising from being classified as a promoter of Unicommerce.