ValueFirst and Way2SMS have settled their acquisition dispute, confirmed Vishwadeep Bajaj, CEO of ValueFirst states a report from MediaNama. The out of court settlement was reached with Way2SMS, by virtue of which promoters of Way2SMS have got possession of the business, and ValueFirst has gotten its money back.
“We have got our company back, and the deal has been reversed. All cases have either been disposed off or withdrawn,” said VV Raju, founder of Way2SMS.
As per a source, the Delhi High Court order had restricted VF On acquisition related further transfer of movable/immovable assets from way2online to ValueFirst. Restricted VF from using Way2online bank accts and fund transfers from way2online to ValueFirst. Restricted VF from any further share transfers to any one or sale of way2online assets.
The order had stayed the transfer of assets till the next hearing.
A subsequent order, dated 11th of January 2013 states that the matter has been settled amicably, and hence is disposed off.
Confirming the development, a statement from Vishwadeep Bajaj, CEO of ValueFirst stated, “We confirm that we have reversed the way2sms.com deal by mutual consent of both the parties – we have got our money back and have returned the way2sms shares. We are a very high growth company and we prefer acquisitions that have close alignment to our strategy and we will continue to be on the lookout for such opportunities.”
The stand-off over the acquisition took place following an FIR being lodged by ValueFirst against its former CEO Kumar Apurva, alleging a fraud of Rs 7 crore in the Way2SMS acquisition.
