Delhi High Court orders probe into alleged fraud at AskMe

For-LawRato-Story-VC_Court_ThinkstockPhotos-509557490The Delhi High Court, while appointing a provisional liquidator for Getit Infoservices Pvt. Ltd earlier this month, also directed the Serious Fraud Investigation Office (SFIO) to probe allegations of misappropriation of funds and company assets. Getit, which ran e-commerce marketplace AskMe.com and a bunch of online retail ventures, became defunct in August last year when […]

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Astro approaches court for winding up AskMe

For-Vikram-Ahuja-Case-Story_ThinkstockPhotos-498474849Malaysian telecom and media conglomerate Astro Entertainment Network Ltd (AENL), which is the majority investor in the now defunct ecommerce company AskMe.com, has approached the Delhi High Court seeking the wind-up of the firm. The court is expected to hear the petition soon. Astro’s petition for AskMe’s closure is in line with its position that […]

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Former Astro nominee on AskMe board seeks anticipatory bail on seller complaint

For-Lawyers-Story_ThinkstockPhotos-509557490In an unprecedented occurrence in the Indian ecommerce industry, the executives who represented the investor on the board of a company are caught in legal trouble following the collapse of the business run by the firm. A seller has initiated legal proceedings against the executives who represented Malaysian telecom conglomerate Astro on the board of […]

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It would be difficult to get a new buyer for AskMe: Sanjiv Gupta

Sanjiv-Gupta_feSanjiv Gupta, former managing director and CEO of Getit Infoservices Pvt. Ltd, that runs e-commerce brand AskMe, is engaged in a fierce battle with the controlling investor Malaysian digital services and telecom conglomerate Astro. AskMe suspended operations following a fund crunch when Astro stopped funding the company, leading to non-payment of salaries and dues. The […]

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AskMe tussle: NCLT postpones hearing to Nov 9

think_1212123The National Company Law Tribunal (NCLT) has postponed till 9 November the hearing on a petition by Sanjiv Gupta, former managing director and CEO of the defunct e-commerce firm AskMe, against the company’s controlling Malaysian shareholder Astro Group. The hearing was deferred as both Gupta and Astro sought time to respond to the explanations sought […]

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Exclusive: Paying salary for AskMe staff is management’s responsibility, says Astro

ASKme_Bazaar3Malaysia’s Astro Group, the controlling stakeholder in the defunct ecommerce firm AskMe, has put the onus to pay employees and vendors on the company management led by chairman Sanjiv Gupta. Astro has been under fire from Gupta and other employees of AskMe for not transferring funds as per its commitment, leading to suspension of operations […]

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Exclusive: Astro’s chequered history kept investors away from AskMe: Sanjiv Gupta

Sanjiv-Gupta_feThe management of AskMe had proposed a buyout offer as “the chequered past” of the majority investor Astro discouraged other investors from associating with the company, said Sanjiv Gupta, former chairman of the troubled ecommerce firm which faces closure threat. “It belies every aspect of sanity when they are not interested in the proposed MBO […]

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Exclusive: AskMe may be wound up as Astro rebuffs management buyout offer

Sanjiv-GuptaTroubled Indian ecommerce company AskMe is likely headed for a winding-up as its parent Astro Group has rejected the buyout proposal made by the management team leading it. The Malaysia-based group, which owns 98.5% stake in the company, has said it will leave it to the liquidator appointed by the court to find a potential […]

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