BENGALURU: Walmart-owned electronic payments platform PhonePe has registered a complaint with economies regulator Sebi from Ventureast Proactive Fund-II (VPF) for alleged unwanted dealings with technology firm Affle into scuttle PhonePe’s purchase of OSLabs.
OSLabs is the parent of IndusOS, a homegrown cell platform.
The Sebi criticism is along with a litigation which PhonePe has filed from Ventureast and Affle from the Singapore large court.
The lawsuit claims that VPF intentionally tricked PhonePe by continued to participate PhonePe and OSLabs about the selling of its own stocks in OSLabs in favour of PhonePe although it had sold the exact stocks to Affle at a side deal with no OSLabs and PhonePe’s knowledge.
It said, was completed through a lawfully binding no-shop period.
PhonePe in its own Sebi criticism has alleged severe misrepresentations,”including a string of dishonest and bad faith activities, in addition to potentially illegal activities, which were and are being constantly undertaken with the managing partner, general partner and leader of VPF involved in this trade”.
PhonePe creator and CEO Sameer Nigam stated,”As creators, we’re constantly held to the greatest standards of ethical and legal ethics by our shareholders.
However, these criteria have to apply to investors in startups too.
VPF also has acted complete collapse of its fiduciary responsibilities as a big contributor of IndusOS.”