Info Edge had initiated the forensic audit in June and had appointed Deloitte India to conduct the audit. The audit was mandated because the startup failed to provide information pertaining to its financial transactions and other related aspects all of which are required to be provided to AIPL contractually under the shareholders’ agreement and articles of association of 4B Networks. Info Edge earlier this year wrote off its entire investment of Rs 288 crore in 4B Networks.
“In the aforesaid backdrop, AIPL filed a petition before the Delhi High Court for interim measures of protection under section 9 of the A&C Act and subsequently under section 37 of the A&C Act against 4B Networks, Mr. Rahul Yadav and Mr. Pratik Choudhary,” Info Edge said in the recent filing.
The High Court by way of an order issued on July 24 has directed 4B Networks, Yadav and Choudhary to “not sell, transfer, alienate, encumber or otherwise create any third party rights or interest directly or indirectly in the assets and properties of 4B Networks,” the filing said.
The parties will appear before the arbitrator on August 14.
function loadGtagEvents(isGoogleCampaignActive) { if (!isGoogleCampaignActive) { return; } var id = document.getElementById('toi-plus-google-campaign'); if (id) { return; } (function(f, b, e, v, n, t, s) { t = b.createElement(e); t.async = !0; t.defer = !0; t.src = v; t.id = 'toi-plus-google-campaign'; s = b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t, s); })(f, b, e, 'https://www.googletagmanager.com/gtag/js?id=AW-877820074', n, t, s); };
window.TimesApps = window.TimesApps || {}; var TimesApps = window.TimesApps; TimesApps.toiPlusEvents = function(config) { var isConfigAvailable = "toiplus_site_settings" in f && "isFBCampaignActive" in f.toiplus_site_settings && "isGoogleCampaignActive" in f.toiplus_site_settings; var isPrimeUser = window.isPrime; if (isConfigAvailable && !isPrimeUser) { loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive); loadFBEvents(f.toiplus_site_settings.isFBCampaignActive); } else { var JarvisUrl="https://jarvis.indiatimes.com/v1/feeds/toi_plus/site_settings/643526e21443833f0c454615?db_env=published"; window.getFromClient(JarvisUrl, function(config){ if (config) { loadGtagEvents(config?.isGoogleCampaignActive); loadFBEvents(config?.isFBCampaignActive); } }) } }; })( window, document, 'script', );
For all the latest business News Click Here
