 "Stayzilla founder's bail petition posted to Thursday for orders")
A court in Chennai has posted the bail petition of Yogendra Vasupal, founder of online accommodation and homestay aggregator Stayzilla, for orders on Thursday.
Legal sources said that the matter came up for hearing on Wednesday in a Special Court for Metropolitan Magistrate, Chennai. After hearing the arguments, the Judge posted the matter for orders on March 23.
Vasupal was arrested by the police in Chennai on March 14, on a complaint by advertising firm Jigsaw Solutions, for allegedly cheating them of around Rs 1.5 crore and alleged criminal breach of trust and criminal intimidation. Sachit Singhi, one of the three founders, wrote an e-mail to investors March 14, saying that Vasupal was missing and was last seen in a police station. Various entrepreneurs running start-ups and investors extended their support to Vasupal following this.
Following this, a blog post by Vasupal was also posted on the online publishing platform Medium, alleging that he and other founders were threatened by the landlord of their Bengaluru office and the founder of Jigsaw Solutions, C S Aditya.
Over 300 entrepreneurs, including former Infosys board member T V Mohandas Pai, Paytm founder Vijay Shekhar Sharma and Ola Cabs co-founder Bhavish Aggarwal, in a letter to Union Home Minister Rajnath Singh, which was published in help-yogi.com, have sought justice for Vasupal. The founders expressed their concern on the manner in which Vasupal was arrested and his alleged harassment by the officials concerned in Chennai.
StayZilla decided to halt operations in February and said it was looking at a different business model. "This has been one of the toughest decisions I have taken so far but it is the right thing to do. The hardest part is saying goodbye to a perfect team that has accomplished a lot by putting homestays on the map of India," Vasupal had said, in a blog post last month.
The company has raised $34 million in four funding rounds from Nexus Venture Partners and Matrix Partners, among others.
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