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Medikabazaar ousts former CEO Vivek Tiwari over fraud allegations

EntrackrEntrackr · 3m ago
Medikabazaar ousts former CEO Vivek Tiwari over fraud allegations
Medial

Medikabazaar ousts former CEO Vivek Tiwari over fraud allegations B2B medical supply chain platform Medikabazaar has removed its director and former CEO, Vivek Tiwari, from the company over allegations of malicious and fraudulent activities. The shareholders of the company have passed a resolution to remove Tiwari from the board of directors for doing fraudulent actions, according to its regulatory filing accessed from the Registrar of Companies (RoC). “Mr. Vivek Tiwari is involved in malicious and fraudulent activities, including those of financial mismanagement and financial fraud, which have caused irreparable harm and damage, and are alarming to the well-being of the company”, the filing stated. Uniqus India, Alvarez & Marsal, and M/s Rashmikant & Partners conducted the investigation and concluded that he had breached fiduciary duty and was guilty of gross negligence, misappropriation, and misstatements, the filing further stated. According to PwC auditors, inconsistencies in revenue recognition and multiple governance issues led to the removal of Vivek Tiwari from his role as Chief Executive Officer of the company last year. Medikabazaar has secured over $190 million in total funding across multiple rounds. This includes a $65 million Series D round in 2022, led by Lighthouse India, which valued the company at $700 million. According to startup data intelligence platform TheKredible, Craegis holds the largest external stake in the company, followed by Rebright Partners and HealthQuad. Co-founders Vivek Tiwari and Ketan Malkan own 12.36% and 12.35% of the company, respectively. Medikabazaar has not yet filed its annual report for the fiscal year ending March 2024. In FY23, the company reported revenue of Rs 908 crore and a net loss of Rs 304 crore. Notably, its Series C investors have raised an indemnity claim of Rs 278.7 crore, alleging misreporting in prior financial periods.

OYO wins relief as Delhi HC rejects Zostel stake award

EntrackrEntrackr · 2m ago
OYO wins relief as Delhi HC rejects Zostel stake award
Medial

After years of legal back-and-forth, the Delhi High Court has ruled in favour of travel-tech firm OYO, setting aside an arbitral award in its long-standing dispute with Zostel Hospitality, the parent company of ZO Rooms. The court held that OYO did not breach any agreement during the failed acquisition talks with Zostel. The judgment backs OYO’s claim that it never took over any part of Zostel’s business. It also said that the kind of agreement they had — one that could be called off — cannot be legally enforced. The High Court also rejected Zostel’s request to carry out the earlier arbitration order. The dispute started back in November 2015, when OYO signed a non-binding, exploratory term sheet with Zostel to potentially acquire its business. The deal, however, fell through after due diligence failed, and both sides couldn't agree on final terms. Zostel initiated arbitration in September 2018 — nearly three years after the talks — which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostel’s plea for an injunction. The latest ruling firmly closes the chapter, stating that no definitive agreements were signed and no consensus was reached on essential commercial terms. “This vindicates our long-held position,” an OYO spokesperson said in a statement, reaffirming that there was no binding agreement between the parties. However, earlier this month, the Hospitality firm reportedly postponed its planned October IPO following objections from its major investor SoftBank, which consists of a fresh issue worth Rs 7,000 crore and an Offer for Sale (OFS) of Rs 1,430 crore.

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