Zilingo founder Ankiti Bose alleged that co-founder Dhruv Kapoor and former COO Aadi Vaidya have engaged in deceptive activities, misleading both her and the company's investors in an attempt to gain financial advantages.
The Board did not conduct any voting today on any of the proposals, and the directors said that the Board will meet again after considering the management buyout offer and liquidation of the company.
According to the letter, the new investor will be infusing $8 million in equity in tranches. The offer further stated that pursuant to Singapore's Insolvency, Restructuring, and Dissolution Act, Zilingo will be transferred to the ownership of a newly incorporated entity.
Zilingo’s statement comes a couple of weeks after multiple media reports said that Zilingo had suspended Bose for accounting-related issues