Snapdeal files FIR against the parent company of GoJavas. Here’s why

With the talks of acquisition of Snapdeal by Flipkart still in process, Jasper Infotech who owns the former has registered an FIR with the Economic Offences Wing of Delhi Police against former senior executives of Quickdel Logistics, the parent company of e-commerce logistics entity GoJavas.

Reported yesterday, the FIR names former executive director of Quickdel Logistics Abhijeet Singh, along with promoters Praveen Sinha, Randhir Singh and Ashish Chaudhary as the main accused, registering a criminal complaint against them for cheating, forgery, conspiracy, criminal breach of trust and criminal misappropriation of funds. All four executives do not work at GoJavas anymore, according to an Economic Times news report.

ET has got access of the copy of FIR.

According to online marketplace Snapdeal, the company does not hold any shares in GoJavas and had filed a complaint in 2016 with the Delhi Police, which was duly investigated and the FIR registered on Friday. The FIR has been filed by Krishna Mohan Chaudhary, director of legal at Snapdeal.

Earlier Snapdeal owned 49.9% of shares in GoJavas till those were sold to Pigeon Express, when the latter took over. According to the ET news report, Snapdeal simply doesn’t want any bad investments in its book.

"Jasper Infotech has no shareholding in Quickdel," said an emailed statement issued by a spokesperson in response to detailed queries by ET.

"The complainant was induced into buying shares of Quickdel from Quickdel and Randhir Singh and Praveen Sinha. The complainant acquired 49.99% shareholding in Quickdel by paying an amount of Rs 119.99 crore to Randhir Singh and Praveen Sinha and Rs 237.27 crore to Quickdel," states the FIR.

When contacted by ET, Sinha said that he was "unaware of the existence of the FIR." Sinha originally owned a significant minority share in the company along with co-promoters at a little less than 20% which was sold over a period of time to Jasper Infotech.

All in all, Snapdeal invested Rs 357.26 crore in the Quickdel in 2015.