Mu Sigma’s founder, Dhiraj Rajaraman has been accused in a lawsuit of “grossly misleading” an investment firm by lowballing prospects.
Aon Corp. founder Patrick G. Ryan, one of the earlier backers who also owned 17.5% of MuSigma equity has filed a lawsuit against MuSigma in Chicago state court.
Ryan’s Walworth Investments LLC six years ago to redeem 17.5 percent ownership of the data-analytics outsourcing startup. By portraying Mu Sigma with dim prospects at a time when it was actually thriving, founder Dhiraj Rajaram schemed “to buy out a significant shareholder at an artificially low price,” according to the complaint made public Wednesday in Chicago state court. [source]
Shiva and Perverse Mindset
“This perverse mindset — which turned traditional fiduciary duty principles on their head — had its roots in Rajaram’s devotion to the Hindu deity Shiva the Destroyer, whose core philosophy called for ‘destroying or selectively abandoning the past,”’ Walworth alleged in court papers. “Only in hindsight did it become clear that Rajaram’s true objective was to gain back the ownership that he had been forced to share, and that, far from tapering off, Mu Sigma was growing geometrically.”
The company recently appointed cofounder, Ambiga Rajaraman as the new CEO.