The Delhi High Court has passed an order forbidding any coercive action till the next date October 16th against the existing co-founders of ShopClues, Radhika 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.
Two days ago, Sandeep Aggarwal, founder of online marketplace ShopClues had filed an FIR against his estranged wife (chief business officer at Shopclues) and CEO Sethi.
The FIR alleged forgery and cheating by the duo, and claimed that Radhika and Sethi have misappropriated funds and attempted to revoke Aggarwal’s voting rights.
According to Aggarwal, his voting rights as the largest common shareholder to nominate two board members were taken away by fraudulently changing the pages of the documents he signed.
The FIR also names Sanjay Sethi’s wife Nupur Sethi as a party to the alleged conspiracy.
However, Sethi and Radhika have denied accusations of misgovernance and have maintained that Aggarwal lost his voting rights, at the time of pleading guilty to insider trading charges in the US in 2013.
Aggarwal had written off his voting rights in 2013 when he was being investigated by the Federal Bureau of Investigation for insider trading during his stint as an analyst at Collins Stewart in the US.
“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 explaining that the order in no way changes the investigation proceedings as far as the case is concerned.