Former Bizongo employee arrested in Mumbai. The B2B e-commerce startup has accused Nainish Shah, a former associate director, of allegedly misappropriating about ₹20 crore through fake invoices. Nainish Shah has been arrested by the Mumbai Police. The arrest follows an FIR filed by Bizongo in April alleging breaches related to conspiracy, breach of trust, cheating and forgery.
LenDenClub is flouting RBI rules to run its business. Despite having a good run, the P2P lending platform seems to be playing “fast and loose with the rules”, which were updated by the Reserve Bank of India in August last year. The company is reportedly in breach of the T+1 settlement rule for funds, and loans are being disbursed without the individual lender’s specific approval, which is a mandatory RBI clause. Furthermore, the platform’s “Auto-lending” product may be a breach.
Pledge agreements show Adani Green could have breached loan covenants. Adani Green Energy Ltd (AGEL) faced allegations that could constitute an Event of Default under its loan agreements, partly due to an investigation related to Gautam Adani and others. The agreements contain a representation that the borrower is not subject to any investigation that could materially and adversely impact its ability to fulfill the terms of the deal. The article discusses UK holding structures and the potential fallout.
Robin Raina’s Eraaya-Ebix deal is a train wreck. The article mentions “HYPE” and discusses the deal, including the curious case of Vitasta Software. Questions are raised about where the CFO is, labeled as “ACPO AWOL”, and the source of money, mentioning the Oppocrates Fund, FPCCC, and Capital. The situation is described as “All tangled up”.
The article asks why so many OfBusiness employees run other companies. It focuses on three companies, Zarielle Projects and Services LLP, Lendcierge Estate Pvt. Ltd, and Strike Infracon LLP, with links to employees. The existence of these related entities raises questions about whether they are used to overcount revenue or as a way to avoid or save on Goods and Services Tax (GST). This corporate structure is also linked to the company’s credit business.
