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Ankiti Bose, former CEO of Zilingo, is suing her co-founder and the former COO, alleging threats and deception. This legal conflict highlights serious internal disputes within the tech startup, raising broader concerns about governance and ethical behavior in business practices.
Former Zilingo CEO Ankiti Bose Alleges Co-Founders Dhruv Kapoor and Former COO Aadi Vaidya of Misleading Investors, Pressuring Share Relinquishment, and Financial Wrongdoings
Ankiti Bose, the co-founder and former CEO of the fashion e-commerce platform Zilingo, has allegedly lodged a formal criminal complaint against her fellow co-founder Dhruv Kapoor and former COO Aadi Vaidya. The complaint includes accusations of "cheating," "criminal intimidation," "conspiracy," and "harassment."
According to a report by the Times of India citing a 'six-page complaint', Bose has asserted that Kapoor and Vaidya deceived both her and Zilingo's investors in order to secure financial benefits. Furthermore, she alleged that they pressured her into relinquishing shares and business assets through deceptive means.
Ankiti Bose resigns from Zilingo board
Bose, as per the TOI report, stated, "As the chief operating officer, Aadi Vaidya engaged in misconduct by falsely attributing loss-making deals to me and extending trade credit to various parties in my name. He then used those deals to threaten me by falsely implicating me to investors, despite the fact that all operational dealings were conducted by him in my previous company. I have been threatened, deceived, and had errors attributed to me in order for Vaidya to fraudulently acquire my shares, which are valued at multiple crores."
She further asserted that Kapoor and Vaidya opted for a "sneaky and shady" approach by concealing various company-related data and information.
COO Aadi Vaidya resigns in new setback to Zilingo
Mint could not independently verify Bose's complaint.
Bose co-founded Zilingo alongside Kapoor in 2015, emerging as one of the most celebrated startup founders during that period. Reports indicate that Zilingo experienced a significant increase in valuation, reaching approximately ₹7,000 crore in 2019.
Zilingo’s Bose sues Mahesh Murthy for ‘defamatory’ article
Nevertheless, in 2022, Bose stepped down from her directorships at the holding company Zilingo Pte Ltd and its subsidiaries.
Bose's departure came after she was dismissed by the Zilingo board on May 20, following an investigation conducted by Kroll into purported financial irregularities. Despite these allegations, Bose has refuted the charges in various media reports.
Source: livemint
