ShopClues board backs Radhika Aggarwal, Sanjay Sethi

ShopClues board today come out in support of co-founders Radhika Aggarwal and Sanjay Sethi, saying the e-commerce marketplace has made "fantastic progress" under them.

The statement comes days after another co-founder Sandeep Aggarwal charged the duo of downplaying his role in creation of the online marketplace.

"We are proud of the fantastic progress made by the ShopClues team under Radhika and Sanjay's leadership. It is very disappointing to see an ex-founder, who disassociated from the company for his (alleged) criminal wrongdoings, is now engaged in a personal vendetta on a public forum," said a statement issued on behalf of ShopClues' board.

On Sunday, Sandeep made several allegations against his estranged wife Radhika in a series of Facebook posts.

Radhika, who is currently the chief business officer at ShopClues, said she is shocked by the unfounded and baseless allegations.

ShopClues board said the company's goal is to create value for all stakeholders.

"We remain focused on working closely with Radhika and Sanjay and the management team to continue to scale the company as it captures the massive opportunity which lies ahead of us," it added.

ShopClues, an online marketplace that is focused on tier II and III cities, was founded in 2011 by the Aggarwals and Sanjay Sethi.

Sandeep handed over the reins of the company to his wife as he was allegedly involved in an insider trading case in the US in 2013. Since then, he had not been actively involved with ShopClues.

A statement issued on behalf of Sandeep yesterday claimed that he has filed a criminal defamation case against Sanjay and Radhika in Delhi courts this month "as they have been lying in press and media and minimising Sandeep's role in creation of ShopClues".