Home Retail Micromax ex-chairman to sue firm for Rs 700 cr

Micromax ex-chairman to sue firm for Rs 700 cr

By  
SHARE

The former chairman of Informatics Ltd, , has threatened to file a claim of Rs 600-700 crore against the company. Last year, Kapoor had resigned from his post two weeks after he was served a termination notice by Co-Founder and Managing Director, .

Ex Chairman Micromax to file Rs 600-700 crore claim
Sanjay Kapoor, terminated from Micromax last year has threatened to file a claim of Rs 600-700 crore

As per Kapoor, there were alleged differences on the value of stake with Micromax which was promised to him at the time of his joining. He was also denied of the 1 per cent Employee Stock Option Plan (ESOP) as revealed by the letters sent to Ministry of Corporate Affairs’s (MCA) website.

He had threatened to send a legal notice to the company for denying him employee stock options which he he had earned during his 15 month stint.

Kapoor moved to Delhi High Court in September 2015 and filed a suit against the company for denying him the shares due to him. High court had appointed a mediator in January, to resolve the issue and clear up the matter, but it did not work out.

Post his exit, Kapoor has been in talks with the promoters for negotiation regarding his packages, but no settlement has been made yet. The matter will be heard on May 13.