Through the complaint, PhonePe is asking Sebi
to to look into alleged ethical violations and dereliction of VPF’s fiduciary duties to protect the interests of OSLabs, its investee company.
“...in this case, VPF has not only broken Sebi’s code of conduct, but it has also acted in complete negligence of its fiduciary duties as a large shareholder of IndusOS”, said Sameer Nigam, MD&CEO, PhonePe.
“By deliberately derailing PhonePe’s acquisition of IndusOS, a deal which all three OSLabs founders continue to also believe is in their company’s best long-term interests, VPF has also hurt OSLabs’ long term interests," he said.
PhonePe was in talks to acquire homegrown content and app discovery platform Indus OS. The acquisition was supposed to give an exit to existing investors of InduOS such as Omidyar Network, Samsung Ventures, and Ventureast.
IndusOS, founded in 2015, provides an Android-based app store named App Bazaar, which allows developers to list their apps on its platform and enables first-time internet users to discover and access new content in vernacular and regional languages.
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