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E-commerce major <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>'s CEO <keyword id="219793" type="PERSON" weightage="100" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and two others have been summoned by a Delhi court on a criminal complaint of an entrepreneur who alleged that his idea of connecting sellers and buyers through an e-platform was unauthorisedly usurped by the firm and its officials, according to news agency <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>.Additional Sessions Judge R K <keyword id="24920" type="PERSON" weightage="20" keywordseo="Tripathi">Tripathi</keyword> issued notice to Snapdeal CEO Kunal Bahl, COO <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> and its former chief financial officer (CFO) <keyword id="2869424" type="UNKNOWN" weightage="20" keywordseo="Vijay-Ajmera">Vijay Ajmera</keyword> for allegedly cheating entrepreneur Gaurav <keyword id="2615" type="COMPANY" weightage="20" keywordseo="Dua">Dua</keyword>'s concept of "non-inventory holding marketplace model for retail" in the garb of collaborating with him."Heard. Record perused. Issue notice of revision petition to respondents vide all prescribed modes returnable for May 17, 2017," the judge said.Dua had lodged a criminal complaint against the founders and the CFO under sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the IPC, which was dismissed by a trial court earlier. He had then filed a revision petition before sessions court.As per his complaint, Dua, an engineer and entrepreneur, founded portals marketsdelhi.com in 1999 and indianretail.net in 2005 and brought the benefits of digital technology to the retail community.He claimed in his petition that he was the brain behind the non-inventory holding marketplace model for retail in India and alleged that the Snapdeal officials cheated him under the garb of raising funds for his business."Snapdeal founders, who claimed to champion the approach which put them ahead of other e-commerce companies, cheated Dua in the garb of collaboration with him and raising venture funds for his validated business.Instead, "under the garb of collaboration and funding, held extensive discussions over many months but instead duped him by deploying all criminal tactics to part with the insights and workings of his work done over 10 years," the complaint alleged.He claimed that for two years, the <keyword id="6358992" type="ORGANIZATION" weightage="20" keywordseo="Delhi-Police">Delhi Police</keyword> failed to register an FIR on his complaint after which he knocked the door of the court. The trial court, however, dismissed his complaint, after which he filed a revision petition before the present judge.

Criminal complaint against Snapdeal CEO Kunal Bahl; summoned by a Delhi court

<keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, in another major relief for its merchants, has now signed up with <keyword id="154226" type="CITY" weightage="20" keywordseo="Tata-Capital">Tata Capital</keyword> to provide loans from Rs 5 lakh to Rs 2 crore. As reported by business daily Economic Times, the pact, signed between Snapdeal and Tata Capital, allows its sellers and merchants to get loans. 
 
A fresh statement released by Tata Capital says, "Tata Capital has entered into a tie up with Snapdeal under Capital Assist program." 
Pradeep Bandivadekar, Tata Capital’s COO, corporate finance division has also said, "Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space." 
 The ET report also talks about the connected sellers of the eCommerce biggie. It says that Snapdeal has about 1, 50,000 connected sellers from around 5,000 locations across nation. "Tata Capital, the <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> arm of the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>, caters to the diverse financial needs of retail and corporate consumers. Tata Capital's Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore," the statement added. 
 Snapdeal senior vice-president <keyword id="2869424" type="UNKNOWN" weightage="20" keywordseo="Vijay-Ajmera">Vijay Ajmera</keyword> has said, “Snapdeal's customers are served by over 150,000 online merchants. The partnership with Tata Capital for Capital Assist, Snapdeal's Seller financing program provides them easy access to capital and helps them scale their business on our platform."

Learn how Snapdeal’s empowering merchants!

New Delhi, Dec 16 () The CBI has filed six separate chargesheets in as many cases of alleged bank frauds worth Rs 558.16 crore by Mumbai-based Zoom Developers, officials said on Monday.
Besides the company, the CBI has chargesheeted its promoters and directors Vijay M Choudhary, Sharad Tikamdas Kabra, chartered accountant Shailesh Thakkar, Ramesh D Ajmera and Sovan Dasgupta in five chargesheets, while in one Manjiri Choudhary has been named as accused among them. 
 It is alleged that the company worked abroad through 'aggregators' who leased it out the work of scraping or relocating factories and plants, they said. 
 This work was granted on the basis of guarantees from Zoom Developers issued by banks abroad which were given on the basis of such guarantees from Indian public sector banks, they said.
 The payments from aggregators lessened the bank liabilities, they said.
 The CBI has alleged that the mobilisation advances received from the aggregators were utilised by Zoom in speculative activities not declared while raising guarantees from Indian banks. 
 In its chargesheets filed before special CBI court recently, the agency has alleged that the company showed work orders from aggregators, which were allegedly sham companies linked to it, to get guarantees from Indian banks, the officials said.
 On the basis of these guarantees corresponding commitments were made by banks in the UK, the USA, Singapore and Switzerland, they said.
 Initially the company was in banking arrangements with multiple banks wherein all the lenders, mainly public sector banks, assessed the bank guarantee limits separately, the CBI has said.
 It said the arrangement was changed to a consortium based in 2004 with Punjab National Bank appointed as lead banker.
 The company allegedly enjoyed a non-fund based bank guarantee limits from 26 banks, it said.
 An amount of Rs 2,510 crore was sanctioned by the banks to Zoom Developers. The company diverted loan funds and did not complete projects following which foreign banks invoked bank guarantees from Indian banks, the CBI has alleged.
 The company did not pay back Indian banks resulting in losses to them, they said.
 According to the CBI, Oriental Bank of Commerce suffered a loss of 131.51 crore, State Bank of Hyderabad Rs 113.90 crore, Allahabad Bank Rs 113 crore, Vijaya Bank Rs 104 crore, Corporation Bank Rs 55.30 crore and Andhra Bank Rs 40.45 crore. ABS AAR

CBI files six charge sheets against Zoom Developers in Rs 558 crore bank frauds

Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

You Searched For "Vijay Ajmera" and got 4 results

Criminal complaint against Snapdeal CEO Kunal Bahl; summoned by a Delhi court

BI India Bureau

Learn how Snapdeal’s empowering merchants!

BI India Bureau

CBI files six charge sheets against Zoom Developers in Rs 558 crore bank frauds

PTI

Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

Navdeep Yadav

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