ValueFirst whose CEO was recently sued for cheating the company is returning Way2SMS to its founder.
A FIR was filed against ValueFirst under the limits of Hyderabad West Zone Police and faced legal charges for the irregularities committed by ValueFirst with regards to acquiring the company.
ValueFirst acquired mGinger and IndyaRocks
recently and is announcing its next acquisition in couple of weeks. Founder promoters of Way2SMS earlier dragged ValueFirst into a legal tussle for not being able to pay the promised money and forced them to return the company.
ValueFirst compromised with Way2SMS and returned all right on the company to the founder promoters, as per the rumors.
We have not looked into the details of the stay order or the FIR yet, but are given to understand the following.
Respondent No.1 is Valuefirst
Respondent No.6 is Way2Online (which owns Way2SMS)
The summary of that order:
1. It restricts ValueFirst from further acquisition related transfer of movable/immovable assets from Way2Online to ValueFirst
2. It stops ValueFirst from using Way2online bank accts and fund transfers from Way2Online to ValueFirst.
3. It stops ValueFirst from executing any further share transfers to anyone, or making sale of Way2Online assets
Valuefirst informed us that the acquisition case has been settled amicably
(out of court). A case of M&A gone horribly wrong.