Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
Digital payments co PhonePe files complaint with Sebi against Ventureast
Walmart-owned PhonePe's attempt to acquire mobile operating system startup Indus OS has taken a new turn, with the payments firm filing a complaint with markets regulator Sebi against Ventureast Proactive Fund-II (VPF). The latest complaint alleges multiple violations of Sebi's code of conduct in relation to VPF's “side dealings†with Affle, which PhonePe claims are a deliberate bad faith attempt to scuttle its acquisition of OSLabs, the Singapore-based holding company of Indus OS. The Sebi complaint in India is in addition to a lawsuit that PhonePe has already filed against Ventureast and Affle in the Singapore High Court. The lawsuit claims that VPF deceived PhonePe, by continuing to engage PhonePe and OSLabs on the sale of its shares in OSLabs in favour of PhonePe even though it had sold those same shares to Affle in a side deal without OSLabs and PhonePe's knowledge on a prior date during a legally binding no-shop period.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.