Wednesday, March 22, 2023

Zoho founder caught in divorce dispute – Usky News

Chennai: Bootstrapped and profitable multi-billion dollar SaaS firm joho The corporation on Tuesday got embroiled in a personal rift between founder Sridhar Vembu and his wife Pramila Srinivasan over division of assets as part of the divorce proceedings.
Based in California, Srinivasan has alleged that Vembu abandoned her and their special-needs son in the US, returning to their rural roots in India, and refusing to give her a fair share of his property. The last known valuation of the company was $5 billion.
Vembu on his part Twitter to deny the allegations. The entrepreneur, who returned from the US to the small town of Tenkasi in Tamil Nadu just before the pandemic, has pushed the concept of tech firms setting up rural outposts, calling his wife’s allegations “slanderous” in US-based Forbes magazine. According to a Forbes report on Monday, his wife Pramila Srinivasan, as part of their ongoing divorce proceedings in California, alleged that the entrepreneur carried out a series of transactions that ultimately resulted in a small stake in the company. He ended up with, while his other family members are the majority owners. Srinivasan alleges that this was done without informing him. “Community property law in California does not allow property to be disposed of secretly without obtaining the consent of the other spouse during the marriage,” her attorney said in a court filing. However, Vembu has said in his tweet that he has “never” transferred his shares in the company to anyone else.
TOI could not independently verify Vembu’s claim. According to Zoho’s filing with the Registrar of Companies (RoC) as of March 31, 2022, Vembu holds a 5% stake in the company, his sister Radha holds 47.8% and his brother Sekar holds 35.2%.
Sharing his side of the story, Vembu said that his now 24-year-old son has been battling autism for 15 years and the couple is working on different modes of treatment. “As our son grew older (24 today) felt that the endless treatments he was undergoing were not helping much and that he would be better off in rural India, closer to loving people and Will help to lift him up. He thought I was giving up. Our marriage broke down in that tension.’
“To say that I abandoned Pramila and my son financially is completely fictitious. They enjoy a much richer life than me and I have fully supported them. , , I pray that someday my dear son will come here with me. He said that he will continue to build institutions and capacities in rural India. According to Zoho’s consolidated financial statements, its revenue from operations in FY2012 was Rs 6,711 crore. The profit stood at around Rs 2,740 crore.


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