Snapdeal gets legal notice of Rs 300 cr from GoJavas

  • Quickdel Logistics is the Parents company of GoJavas.
  • It is an e-commerce foucsed logistics firm that had raised investment from Snapdeal, has sent a Rs 300 -crore legal notice to Snapdeal.
  • Quickdel Logistics has accused –The Founders¬† and the company of Criminal breach of trust and siphoning off money from GoJavas to Vulcan Express(The In-house logistics firm of Snapdeal.
  • Anand Rai say-
    • “Snapdeal stopped doing business with GoJavas for benefit of Vulcan and Stole confidential business information such as data on employees and service vendors. Snapdeal held 49% stake in GoJavas and the founders of the company had sold it to Rai in a fire Sale.
  • I have sent them a legal notice worth Rs. 300 crore for criminal breach of trust against GoJavas which resulted in erosion of value of Quickdel.- Rai said
  • Quickdel’s notice came after Jasper Infotech filed a first information report(FIR) with the Delhi Police against the former promoters and directors of Quickdel.
    • Praveen Sinha, Randhir Singh, Ashish Chaudhary and Abhijeet Singh.
  • Snapdeal’s spokesperson said-
    • It is in direct contradiction of the “Release and Settlement Agreement” executed by Rai and Quickdel on March 31.
  • This agreement had completely released Jasper Infotech, Jasper Group and its officers, employees, nominees, directors and other from all liabilities/consequences arising out of the share purchase agreement, share acquisition & shareholders’ agreement, and master logistics service agreement.
  • According to News- Last year the Rocket Internet which then controlled Jabong had commissioned an audit was conducted by PriceWaterHouseCoopers in Sweden last year. The audit revealed that investors were not told about the formation of a logistics unit, GoJavas, as a separate firm and that it was raising funds from Snapdeal. Rocket did not press any charges following this audit. Jabong was later sold to Myntra in $70 Million deal.

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