Mumbai Court Denies Rahul Yadav’s Anticipatory Bail Plea

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A Mumbai Court has reportedly denied the anticipatory bail plea by 4B Networks’ cofounder Rahul Yadav after Interspace Communications’ country head Vikas Nowal filed a complaint with the Economic Offences Wing (EOW) over non-payment of dues to the tune of INR 10 Cr.  

As per Moneycontrol, a city sessions court bench rejected the plea on Wednesday (August 30), two days after Yadav moved the bail application

4B Networks’ cofounder Rahul Yadav and founding member Sanjay Saini had sought relief in connection with an FIR filed against them under various sections of the IPC, pertaining to fraud, cheating and criminal breach of trust.

The matter harks back to February 2022 when 4B Networks empanelled an advertising agency, Interspace Communications, for an outdoor media campaign. As per the FIR, Interspace claims that the company owes INR 10 Cr for installing 83 ad hoardings in Pune from April to August 2022.

In July, Inc42 exclusively reported that Interspace was one of the many vendors that the beleaguered startup had yet to pay. 

Nowal first knocked on the doors of the National Company Law Tribunal (NCLT) and then approached the EOW to file an FIR in the matter. 

4B Networks has been surrounded by multiple legal tangles, including an arbitration case involving its investor Info Edge. After pumping in INR 288 Cr in the Rahul Yadav-led startup, Info Edge wrote off the entire investment, including INR 12 Cr in debt, as allegations of financial allegation surfaced. 

Subsequently, the investor initiated a forensic audit of the startup. As per Info Edge, Yadav refused to cooperate and disclose financial transactions, forcing the investor to approach the Delhi High Court. The case is now in arbitration. 

The Delhi HC has barred Yadav, along with another party to the shareholders’ agreement of 4B Networks, Pratik Choudhary, to not sell, transfer or alienate any assets or properties of 4B Networks and to preserve all records and information.

Making matters worse for 4B Networks has been its separate arbitration proceedings with coworking space provider Innov8 over unpaid dues to the tune of INR 1.08 Cr.

The post Mumbai Court Denies Rahul Yadav’s Anticipatory Bail Plea appeared first on Inc42 Media.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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Mumbai Court Denies Rahul Yadav’s Anticipatory Bail Plea

A Mumbai Court has reportedly denied the anticipatory bail plea by 4B Networks’ cofounder Rahul Yadav after Interspace Communications’ country head Vikas Nowal filed a complaint with the Economic Offences Wing (EOW) over non-payment of dues to the tune of INR 10 Cr.  

As per Moneycontrol, a city sessions court bench rejected the plea on Wednesday (August 30), two days after Yadav moved the bail application

4B Networks’ cofounder Rahul Yadav and founding member Sanjay Saini had sought relief in connection with an FIR filed against them under various sections of the IPC, pertaining to fraud, cheating and criminal breach of trust.

The matter harks back to February 2022 when 4B Networks empanelled an advertising agency, Interspace Communications, for an outdoor media campaign. As per the FIR, Interspace claims that the company owes INR 10 Cr for installing 83 ad hoardings in Pune from April to August 2022.

In July, Inc42 exclusively reported that Interspace was one of the many vendors that the beleaguered startup had yet to pay. 

Nowal first knocked on the doors of the National Company Law Tribunal (NCLT) and then approached the EOW to file an FIR in the matter. 

4B Networks has been surrounded by multiple legal tangles, including an arbitration case involving its investor Info Edge. After pumping in INR 288 Cr in the Rahul Yadav-led startup, Info Edge wrote off the entire investment, including INR 12 Cr in debt, as allegations of financial allegation surfaced. 

Subsequently, the investor initiated a forensic audit of the startup. As per Info Edge, Yadav refused to cooperate and disclose financial transactions, forcing the investor to approach the Delhi High Court. The case is now in arbitration. 

The Delhi HC has barred Yadav, along with another party to the shareholders’ agreement of 4B Networks, Pratik Choudhary, to not sell, transfer or alienate any assets or properties of 4B Networks and to preserve all records and information.

Making matters worse for 4B Networks has been its separate arbitration proceedings with coworking space provider Innov8 over unpaid dues to the tune of INR 1.08 Cr.

The post Mumbai Court Denies Rahul Yadav’s Anticipatory Bail Plea appeared first on Inc42 Media.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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