John Sarkar and Reeba Zakaria | news network
New Delhi/Mumbai: Mahindra Bank Box On Sunday warned of legal action against the co-founder of Bharat Pay Ashneer Grover and his wife Madhuri for alleged use of unparliamentary language and threatening the employees of the lender when it emerged that both had served legal notices to the MD and CEO shining box And three members of his senior management team accused the bank of failing to finance and allocate shares during Nykaa’s IPO.
Grover Claimed that he had planned to invest Rs 500 crore in Nykaa through Kotak’s IPO financing services.
According to a notice dated October 30, 2021 sent by law firm Regstreet on behalf of Grovers, Box had assured a couple allocation of shares in the Nykaa IPO, but was later informed that it would not be able to provide IPO financing due to “irregular FII movements” and “very high lending rates”.
“Kotak’s refusal to provide IPO financing to our clients at the eleventh hour has completely crippled their ability to participate in the Nykaa IPO and deprives them of the investment opportunity that they envisioned to launch Kotak. Reported more than a month ago. IPO,” read the notice signed by Regstreet Partner Sumit Agarwal.
Grovers sought compensation to cover the listing profit that was allotted shares worth Rs 500 crore in the Nykaa IPO. The notice states that Kotak had provided funding in the Nykaa IPO BharatPe CEO Suhail Sameer.
Kotak, however, denied any breach in its financial assistance to Grovers. “Your customers are well aware that financial assistance is at the discretion of the lender and neither any contract is concluded nor any sanction letter has been executed in favor of (theirs). Hence, your customers have (Kotak) There is no contractual or other right stated or otherwise enforceable against you. We deny the allegations made by your customers that any amount claimed in the legal notice is due and payable by (Bank),” Kotak Khaitan & Co. wrote in its reply dated November 2, 2021.
The development turns critical after a leaked audio call clip reportedly ashneer Abusing a Kotak employee and threatening to kill him for not giving funds for Nykaa IPO went viral. Ashneer later termed the audio clip as fake. Khaitan further added that “Your customers have, on several occasions in the recent past, called (Kotak) employees on phone and threatened their lives apart from using unparliamentary and abusive language, for which (Kotak) and Its employees reserve the right to take appropriate legal action.”
The case provides a new twist to the standoff between Ashneer, a former Kotak employee and new-age tech entrepreneur, and Uday Kotak, one of the world’s richest bankers. BharatPe, a unicorn with a billion dollar valuation, recently entered the core business domain of Uday Kotak following the purchase of Punjab and Maharashtra Co-operative Bank in partnership with Centrum.
“The claim of your clients that no contract was concluded in favor of (Grovers) for the purposes of funding the Nykaa IPO is surprising given the repeated assurances given by (their) to the contrary. (The Grovers) We reserve the right to have a conversation between them and your customers on WhatsApp, which will expose the lies of your customers’ case. Before reneging on your promise, your customers have ever gone to Nykaa IPO ( them) had not indicated any reluctance or inability to provide IPO financing services of Rs 500 crore,” read the reply by Agarwal dated November 8, 2021.
“(The Grovers) strongly denies the allegations of defamation relating to any unparliamentary or hate speech they have used, or that they have issued any threats to your customers or its representatives. It is clear that Your Customers have framed these allegations as a counter-claim to the claims made by (Growers) for breach of various legal obligations by Your Customers.
The counter-reply further stated that Grover would “withdraw all banking operations he had created with Kotak”.
BharatPe did not comment on the report, however, Kotak confirmed receipt of the legal notice sent by Grover and said that it had also responded to it which included “registering our objections to the inappropriate language used by Grover”. . It said that appropriate legal action is being taken. However, the lender did not elaborate on the same. “We would like to confirm that there is no infringement or violation in any way whatsoever by Kotak.”
New Delhi/Mumbai: Mahindra Bank Box On Sunday warned of legal action against the co-founder of Bharat Pay Ashneer Grover and his wife Madhuri for alleged use of unparliamentary language and threatening the employees of the lender when it emerged that both had served legal notices to the MD and CEO shining box And three members of his senior management team accused the bank of failing to finance and allocate shares during Nykaa’s IPO.
Grover Claimed that he had planned to invest Rs 500 crore in Nykaa through Kotak’s IPO financing services.
According to a notice dated October 30, 2021 sent by law firm Regstreet on behalf of Grovers, Box had assured a couple allocation of shares in the Nykaa IPO, but was later informed that it would not be able to provide IPO financing due to “irregular FII movements” and “very high lending rates”.
“Kotak’s refusal to provide IPO financing to our clients at the eleventh hour has completely crippled their ability to participate in the Nykaa IPO and deprives them of the investment opportunity that they envisioned to launch Kotak. Reported more than a month ago. IPO,” read the notice signed by Regstreet Partner Sumit Agarwal.
Grovers sought compensation to cover the listing profit that was allotted shares worth Rs 500 crore in the Nykaa IPO. The notice states that Kotak had provided funding in the Nykaa IPO BharatPe CEO Suhail Sameer.
Kotak, however, denied any breach in its financial assistance to Grovers. “Your customers are well aware that financial assistance is at the discretion of the lender and neither any contract is concluded nor any sanction letter has been executed in favor of (theirs). Hence, your customers have (Kotak) There is no contractual or other right stated or otherwise enforceable against you. We deny the allegations made by your customers that any amount claimed in the legal notice is due and payable by (Bank),” Kotak Khaitan & Co. wrote in its reply dated November 2, 2021.
The development turns critical after a leaked audio call clip reportedly ashneer Abusing a Kotak employee and threatening to kill him for not giving funds for Nykaa IPO went viral. Ashneer later termed the audio clip as fake. Khaitan further added that “Your customers have, on several occasions in the recent past, called (Kotak) employees on phone and threatened their lives apart from using unparliamentary and abusive language, for which (Kotak) and Its employees reserve the right to take appropriate legal action.”
The case provides a new twist to the standoff between Ashneer, a former Kotak employee and new-age tech entrepreneur, and Uday Kotak, one of the world’s richest bankers. BharatPe, a unicorn with a billion dollar valuation, recently entered the core business domain of Uday Kotak following the purchase of Punjab and Maharashtra Co-operative Bank in partnership with Centrum.
“The claim of your clients that no contract was concluded in favor of (Grovers) for the purposes of funding the Nykaa IPO is surprising given the repeated assurances given by (their) to the contrary. (The Grovers) We reserve the right to have a conversation between them and your customers on WhatsApp, which will expose the lies of your customers’ case. Before reneging on your promise, your customers have ever gone to Nykaa IPO ( them) had not indicated any reluctance or inability to provide IPO financing services of Rs 500 crore,” read the reply by Agarwal dated November 8, 2021.
“(The Grovers) strongly denies the allegations of defamation relating to any unparliamentary or hate speech they have used, or that they have issued any threats to your customers or its representatives. It is clear that Your Customers have framed these allegations as a counter-claim to the claims made by (Growers) for breach of various legal obligations by Your Customers.
The counter-reply further stated that Grover would “withdraw all banking operations he had created with Kotak”.
BharatPe did not comment on the report, however, Kotak confirmed receipt of the legal notice sent by Grover and said that it had also responded to it which included “registering our objections to the inappropriate language used by Grover”. . It said that appropriate legal action is being taken. However, the lender did not elaborate on the same. “We would like to confirm that there is no infringement or violation in any way whatsoever by Kotak.”
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