E-tailer ShopClues’ founder Sandeep Aggarwal, had filed a FIR against his estranged wife and co-founder Radhika Ghai Aggarwal, co-founder and CEO Sanjay Sethi and Sethi’s wife Nupur Sethi three days ago, accusing them of cheating, criminal conspiracy and revoking his voting rights by fraudulently changing the pages of the documents he signed.
The issue over the control surfaced nearly six months ago when Sandeep accused Radhika and Sanjay of thwarting his return to the company. Aggarwal had to give up his membership on board due to insider trading charges in the US in 2013.
Recently the High Court gave its order that “no coercive steps be taken against the petitioner till the next date”, i.e. October 16 (the petitioner: Ghai Aggarwal and Sanjay Sethi).
“The Honorable Court was pleased to pass the order of ‘no coercion’ against my clients till the matter is fully heard,” said Sandeep Kapur, Partner, Karanjawala & Co – the legal representative for ShopClues welcoming the High Court’s order.
“The order does not stay the FIR altogether. There is no embargo on the police to continue to investigate the case,” clarified Sandeep Aggarwal’s legal counsel Vijay Aggarwal.
Sandeep Aggarwal has also accused the co-founders of going back on the understanding that he would be reinstated as CEO of ShopClues once he returned from the US, where he was facing legal proceedings. The final verdict in the insider trading case against Sandeep Aggarwal is awaited.
The Economic Times was the first to report the development.
“Mr Sandeep Aggarwal was arrested by the FBI and is awaiting his sentence in the US courts (punishment for which is up to 20 years) and has filed the present FIR while concealing the fact that, he has previously made an attempt on similar grounds at the Economic Offences Wing in Gurgaon wherein the investigating authorities were pleased to file a closure report in favour of the management of ShopClues,” Sandeep Kapur, partner at Karanjawala & Co, the counsel representing the ShopClues management told the financial daily.
Sandeep Aggarwal is currently on bail in the US and is also out on bail in India and facing trials for criminal defamation and outraging the modesty of women. The initiation of the instant FIR and seeking a media trial is nothing but an attempt by Sandeep Aggarwal to continue to malign the reputation of ShopClues.
ShopClues investors Nexus Venture Partners, Tiger Global Management, Helion Ventures and GIC previouly have denounced Sandeep Aggarwal’s charges.