Snapdeal gets legal notice of Rs 300 Crore from Quickdel

Quickdel Logistics, the parent of GoJavas, the e-commerce-focused logistics firm that had raised investment from Snapdeal, has sent a Rs 300crore legal notice to Snapdeal founders Kunal Bahl and Rohit Bansal, and Jasper Infotech, the entity which runs Snapdeal. Anand Rai, who had acquired Snapdeal's stake in GoJavas and merged it with his Pigeon Express. Snapdeal held 49% stake in GoJavas and the founders of the company had sold it to Rai in a fire sale.

Anand Rai said “I've sent them a legal notice worth Rs 300 crore for criminal breach of trust against GoJavas which resulted in erosion of value of Quickdel.”

Quickdel's notice comes 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.

The four are accused of cheating, forgery, criminal breach of trust, conspiracy and criminal misappropriation of funds. The complaint said Snapdeal was “induced“to buy shares in Quickdel.

The timing of Snapdeal's complaint was interesting, coming as it did when it was in the middle of merger talks with rival Flipkart.