🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

MobiKwik faces criminal case for non-payment of dues to a vendor

Inc42 · 1y ago

MobiKwik faces criminal case for non-payment of dues to a vendor

Indian fintech unicorn MobiKwik, which recently filed its draft red herring prospectus (DRHP) with SEBI for its second IPO attempt, is facing a criminal case over non-payment of dues to a vendor. Xplore Private Limited has alleged that MobiKwik failed to clear 12 invoices, resulting in a loss of INR 1.61 crore. The complaint has been filed against MobiKwik and its directors. While the matter is currently pending in court, MobiKwik aims to raise INR 700 crore through a fresh issue of shares for business expansion and investment in AI and ML.

Related News

Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues

Money Control

Money Control · 1y ago

Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues

Rahul Yadav, the founder of 4B Networks, is facing mounting legal troubles, including arbitration and criminal cases. In addition to his arbitration dispute with Info Edge, it's revealed that 4B Networks and Yadav are also in arbitration with Innov8 over unpaid rent of Rs 1.08 crore for an office space. Innov8 has filed a criminal case under the Arbitration and Conciliation Act after failed attempts to resolve the issue. Another arbitration case involving 4B Networks is also facing difficulties, with Yadav requesting more time for understanding the arbitration case with Info Edge. A criminal case has also been filed against Yadav by an ad agency for Rs 10 crore in unpaid dues.

Ola Electric’s subsidiary faces insolvency plea over payment dispute

Economic Times

Economic Times · 4m ago

Ola Electric’s subsidiary faces insolvency plea over payment dispute

Rosmerta Digital Services filed an insolvency plea against Ola Electric's subsidiary over payment disputes. The petition claims non-payment for services, seeking a corporate insolvency resolution process. Ola Electric disputes the claim and plans legal challenges. The issue traces back to vendor renegotiations leading to reduced vehicle registration figures. Meanwhile, Ola Electric faces internal restructuring, financial losses, layoffs, and market share decline, but expects positive Ebitda next quarter amid cost-cutting efforts.

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

Inc42 · 1y ago

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

The National Company Law Tribunal (NCLT) has scheduled the next hearing in the insolvency case filed by the Board of Control for Cricket in India (BCCI) against edtech startup BYJU'S on March 20. The Tribunal is expected to pronounce its order in the case after hearing arguments from both sides. BYJU'S has requested that the case be taken to arbitration, arguing that the BCCI did not provide any service after the contract between the two parties ended. The dispute centers around non-payment of dues as part of a sponsorship deal.

Byju’s US lenders invoke parent company's guarantee in insolvency proceedings

Economic Times

Economic Times · 1y ago

Byju’s US lenders invoke parent company's guarantee in insolvency proceedings

The National Company Law Tribunal has directed Byju's to respond to two insolvency petitions filed against the company by US lenders and the Board of Control for Cricket in India. The first petition was filed by Glas Trust Company, the administrative agent for a group of lenders, claiming default on a $1.2 billion loan. The second petition is from BCCI, alleging non-payment of dues. Byju's has been given three weeks to file objections in the first case and a separate hearing is scheduled for the second case.

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Livemint

Livemint · 1y ago

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Budget airline SpiceJet has reached a settlement with vendor Raymach Technologies over pending dues. Raymach had filed an insolvency petition against SpiceJet for a default of ₹2.7 crore ($363,324) in November 2023. However, SpiceJet denied having availed of its services. Raymach presented email exchanges between the two companies that showed SpiceJet acknowledging the services. The National Company Law Tribunal has granted Raymach time to withdraw the insolvency case, adjourning the matter until August. SpiceJet has faced multiple insolvency pleas over unpaid dues from other parties.

SBI downgrades MTNL's term loan account to NPA over non-payment of dues

Money Control

Money Control · 10m ago

SBI downgrades MTNL's term loan account to NPA over non-payment of dues

- State Bank of India (SBI) downgraded MTNL's term loan account to NPA (Non-Performing Asset) due to non-payment of interest and installment. - SBI sent a letter to MTNL stating the total outstanding amount in the account as over Rs 325.52 crore and requested immediate payment to regularize the account. - SBI also asked for clarification on the news reports about the Centre paying MTNL dues and DoT stating no default, and sought status updates on the Land Monetization Plan. - SBI warned of legal proceedings for recovery and enforcement of securities in case of default. - Other banks like PNB, Union Bank of India, and Bank of India have already classified MTNL's account as an NPA, with a collective exposure of Rs 7,925 crore.

Broker network’s Rahul Yadav out on bail after bounced cheque complaint in Mumbai

Inc42 · 1y ago

Broker network’s Rahul Yadav out on bail after bounced cheque complaint in Mumbai

Former Broker Network employee Arun Singh Shekhawat filed a complaint against Rahul Yadav for allegedly borrowing INR 50 Lakh from him for paying salaries to employees at Broker Network. In November 2023, Yadav appeared in court after a bailable warrant was issued. The complaint was registered under Section 138 of the Negotiable Instruments (Amendment) Act, relating to a bounced cheque for INR 50 Lakh. This case is one of the two being investigated by the Economic Offences Wing against Yadav, including allegations of non-payment of dues and fraud amounting to INR 288 Cr.

Founder of Broker Network, Rahul Yadav, Granted Bail Amid Bounced Cheque Allegations

Business Bytes

Business Bytes · 1y ago

Founder of Broker Network, Rahul Yadav, Granted Bail Amid Bounced Cheque Allegations

Rahul Yadav, founder of Broker Network, has been granted bail after being accused of a bounced cheque in Mumbai. Yadav pleaded not guilty to the charges and is facing additional legal challenges, including accusations of non-payment of dues and fraud. The outcome of the case will determine the veracity of the allegations against Yadav and adds complexity to the narrative surrounding Broker Network. The unfolding legal saga will be closely monitored by stakeholders and the business community.

Taxman puts Infosys on notice for over ₹32,000 crore | Mint

Livemint

Livemint · 1y ago

Taxman puts Infosys on notice for over ₹32,000 crore | Mint

Tax authorities have raised concerns about tax evasion of ₹32,403 crore ($4.3 billion) by India's IT giant, Infosys. The Directorate General of GST Intelligence (DGGI) is investigating the company for non-payment of integrated goods and services tax (IGST) over a five-year period. The investigation focuses on the inclusion of expenses incurred by Infosys' overseas branches as part of its export invoice, which the company believes is not subject to GST. Infosys has stated that it has paid its GST dues and is fully compliant with government regulations. The case has raised concerns about potential litigation and industry-wide implications.

Fintech startup MobiKwik elevates Mohit Narain as Chief Operating Officer - Consumer Payments

IndianStartupNews

IndianStartupNews · 1y ago

Fintech startup MobiKwik elevates Mohit Narain as Chief Operating Officer - Consumer Payments

Fintech startup MobiKwik has promoted Mohit Narain as the Chief Operating Officer for Consumer Payments. Narain, who has been with MobiKwik for over five years, will be responsible for overseeing operational efficiencies in various payment services. Additionally, Harvinder Singh Chadha has joined Zaakpay, a subsidiary of MobiKwik, as Vice President. Chadha brings extensive experience in the banking and fintech sectors and will focus on leading the payment gateway business and driving merchant acquisition. Zaakpay has received regulatory approval from the Reserve Bank of India to operate as a payment aggregator.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.