‘We admit that Rahul Yadav’s 4B Networks was a mistake’: Info Edge CEO
1 year, 4 months ago

‘We admit that Rahul Yadav’s 4B Networks was a mistake’: Info Edge CEO

Live Mint  

After the company reported its Q1 results for FY2024 on Friday, Info Edge founder Sanjeev Bikhchandani said that his decision to invest in Rahul Gandhi's realty tech startup 4B Networks was a ‘mistake’, according to media reports. The remarks came weeks after the company's arm Allcheckdeals India wrote down all of its investment in the 4B Networks, which it had made because it had not received the requested financial information. The company stated in a filing with the exchanges that its wholly owned subsidiary company Allcheckdeals India invested in and occasionally provided finance to 4B networks totaling ₹288 crore, of which ₹276 crore was invested in shares and ₹12 crore was debt financing. Allcheckdeals had asked 4B Networks and its current management for information, ‘including details and particulars of financial transactions, transactions with related parties, and such other aspects,’ which 4B Networks is contractually required to provide but has not, Info Edge stated in the exchange filing.

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History of this topic

Mint Explainer: What led Info Edge to file an FIR against Rahul Yadav?
3 weeks ago

Mint Explainer: What led Info Edge to file an FIR against Rahul Yadav?

Live Mint  

Investors rarely turn against the founders they back, but Info Edge Ltd has taken an unusual step. Last week, the consumer internet group filed a first information report against Rahul Yadav, founder of its portfolio company 4B Networks, and several key executives, alleging misuse of company funds. The dispute dates back to early 2023, when 4B Networks, a real estate-focused …

Mumbai police registers Info Edge’s FIR against Housing.com Ex ECO Rahul Yadav, others in 4B Network’s funds
3 weeks, 1 day ago

Mumbai police registers Info Edge’s FIR against Housing.com Ex ECO Rahul Yadav, others in 4B Network’s funds

Live Mint  

Info Edge on November 30, 2024 announced that it has filed FIR against Rahul Yadav of Housing.com, in an exchanged filing. Info Edge’s filing of an FIR against key executives of 4B Networks marks the latest chapter in a prolonged dispute with the proptech startup. The conflict began in early 2023 when 4B Networks, led by Housing.com founder Rahul Yadav, …

Info Edge shares in focus as arm initiates forensic audit in 4B Network
1 year, 6 months ago

Info Edge shares in focus as arm initiates forensic audit in 4B Network

Live Mint  

Info Edge share price saw marginal gains on Friday's early trade after the company's arm initiated a forensic audit into Rahul Yadav-backed proptech firm 4B Networks. This came after the company's arm Allcheckdeals India wrote down all of its investment in the 4B Networks, which it had made, because it had not received the requested financial information. The company stated …

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