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In a complaint to Mumbai Police, Info Edge alleges that Yadav has made several high-value transactions to individuals, companies and vendors associated with him.
While Info Edge’s cash infusion in the startup stood at Rs 288 crore, the rest is the notional loss from a higher valuation that the startup commanded earlier. Info Edge has a 59% stake in the proptech firm.
Rahul Yadav's anticipatory bail plea was denied by a Mumbai city sessions court.
Rahul Yadav and Sanjay Saini have also filed for anticipatory bail in the criminal case against them.
Meanwhile, Yadav’s delaying tactics continue as 4B Networks asks for more time in its arbitration proceedings with Innov8 and Info Edge. He was also questioned twice by the Mumbai Police this week.
A first information report (FIR) has been registered by the Mumbai police against Yadav and Sanjay Saini of 4B Networks for cheating. Sources close to the development say that a lookout notice has been issued against Yadav.
The Info Edge said they have had discussions internally and reviewed matters if something needs to be changed, to see if they need to tighten due diligence, etc
Info Edge said after it did not receive any information and access for the forensic audit, it sent a legal notice and also filed a petition before the Delhi High Court for protection under relevant sections of the Arbitration and Conciliation Act.
Rahul Yadav has been asking Info Edge for more money in lieu of sharing the data its investor has asked for.
Industry insiders believe many investors signed reckless deals overlooking certain due diligence checks during the 2021 boom and fear many more cases will come out.
This was after the former Housing.com founder’s latest startup exhausted Rs 192 crore in the past 14 months and majority shareholder Info Edge asked it for granular financial details.
Info Edge said in a filing that it has sought details of financial transactions and more from 4B Networks, which the startup is contractually obligated to give, but has not.
Info Edge believes that the proptech startup might find it difficult to weather the ongoing funding winter due to its cash burn.
From Ola to Housing.com to Flipkart, several startups have found themselves hogging the limelight for controversies and spats involving founders.
In what comes as fresh trouble for the Lalu Prasad family, the agency has allegedly detected some funds being transferred by Rahul Yadav to his mother-in-law Rabri Devi, the wife of Lalu Prasad.
The web series will be created by Farhan Akhtar's Excel Entertainment for Amazon Prime in India, according to The Times of India.
In July 2015, Housing.com's board had sacked Yadav, stating that his behaviour towards investors and media was not "befitting" of a CEO.
Yadav has been hired as chief product and technology officer at real estate venture Anarock Property Consultants.
Moneycontrol brings to you a tale of 3 resignation letters that shook the startup world over the years
Housing‘s merger with PropTiger and Flipkart board‘s replacement of its cofounder CEO have a common thread - investor play.
While Housing.com's former CEO and cofounder Rahul Yadav questions the usefulness of the company‘s merger with PropTiger. Current CEOs of Housing and PropTiger emphasised merger synergies to Moneycontrol in an interview.
Analysts have pegged Housing.com's valuations at around USD 300 million but CNBC-TV18 learns that that Snapdeal is keen on picking up the online real-estate firm at a 20-30 percent discount to this number.
Rahul Yadav's much anticipated second coming seems to have gone off track as the former Housing.com CEO's e-governance startup Intelligent Interfaces has been unable to find any takers and even as Yadav explores the option of coming back to the online real estate space, he is not fighting shy of leveling the blame elsewhere.
After his infamous exit from Housing.com, Rahul Yadav launched Intelligent Interfaces, a digital platform for government. Eight months later, he announces that his second coming has failed.
According to Sharma, the last nine months were the toughest phase in the history of the company. "Nothing haunts a team more than a threat to survival of what they stand for. Leadership team's hard work is now taking shape. It is with great attachment that I chose to walk a different path," he wrote in his farewell letter
