Getit Case: Personal assets of directors to be disclosed, orders Delhi High Court

Delhi High Court has ordered Getit directors to disclose their personal assets, as part of the ongoing battle around the company closure. Getit owes Rs. 61,81,804/ to its vendors and employees.Askme-App

The particulars of assets held in the name of all the Directors of the respondent-company along with the dates of acquisition as well as the nature of their right, title and interest therein; to be disclosed in a sealed cover for the time being;

The court has given the company 6 weeks time to reply to this.

Till the next date of hearing, the respondent-company shall not dispose of or alienate or encumber either directly or indirectly, or otherwise part with possession of any assets of the company, including all the movable and immovable assets, except in the ordinary course of business and for the payment of salaries and statutory dues, without prior permission of this Court. [via]

AskMe Employee Threatens Suicide If Salaries Are Not Given

An AskMe employee has sent an email to senior management threatening suicide if the salaries aren’t deposited within the next 5 days.

Askme Employee's Email To Senior Management
Askme Employee’s Email To Senior Management

Note that the company hasn’t given salary for more than 2 months and laid off 4,000 employees without any due notice.

Earlier, NCLR (National Company Law Tribunal) asked Getit not to shutdown AskMe and the vendor/management fight is still on.

» Read our coverage of Askme saga.

NCLT Orders Getit Not To Shut AskMe

Acting on the petition filed by Getit Infoservices MD Sanjiv Gupta against Getit and majority shareholder Astro for alleged mismanagement, the National Company Law Tribunal (NCLT) has directed the parent companies against shutting down their e-commerce websites—AskMe Bazaar, AskMe Grocery, and Mebelkart.

The tribunal has ordered the companies to maintain the existing state of affairs on the constitution of the company’s board of directors and asked not hold a board meeting till the next hearing on October 17.

AskMe Employees File Petition to NCLT, As 4,000 left In The Lurch

Around 4,000 employees of AskMe, which is on the verge of closure, after its promoter, Malaysia-based Astro Overseas pulled out last month without paying the last tranche of funds to the company, have filed a petition to the National Company Law Tribunal (NCLT), to address their grievances as they continue to demand payment of their long-pending salaries and dues.

In the petition, employees have asked to govt to direct Astro, which they hold accountable for mismanagement leading to the shutdown not to dilute its stake in Askme. They’ve further demanded that the company board not be changed, instead seeking a management buyout of the company, and have asked Astro not to sell any assets of Askme.

The company has not only failed to pay salaries to its employees but also to its vendors, who have been demanding dues since last year.

AskMe : Vendors And Management Fight Continues [Video]

AskMe is on the verge of shutting down and the company owns close to 300 crores towards vendor payment.

Today, the sellers met with new independent directors who says they are new and need time to study. As per them, previous transactions are not their liability.

They were asking for 30 days time for forensic audit.

After sellers put pressure on them, the new management has agreed to send recommendations in 7 in days to astro (investor) and another 7 days to settle the transactions.

From what we are told, the CEO is currently in Dubai and even the employees haven’t been paid salary for the last 2 months.

AskMe Shuts Down; Employees Laid Off

AskMe has shutdown and all employees have been laid off / asked not to come to office.

Astro Holdings, which holds 98.5% stake in AskMe Group, refused to participate in the next round of funding and also didn’t do the MBO (management buy out), which was on the cards.

Astro earlier skipped the company’s board meeting widening the differences with the minority shareholders. Minority shareholders have also alleged that Astro hasn’t cleared dues of Rs 300 crore.

From what we are told, employees haven’t been paid for more than 2 months and the CEO is not in India anymore to handle these queries.

Owner Astro Holdings skips board meet as rift deepens in AskMe Group

Astro Holdings, which holds 98.5% stake in AskMe Group, skipped the company’s board meeting recently, widening the differences with the minority shareholders.

Astro reportedly refused to accept the management’s proposal to include employees and creditors in board meeting. Minority shareholders have also alleged that Astro hasn’t cleared dues of Rs 300 crore.