If rumours are to be believed, severe fund crunch is going on in AskMe group.
According to reports the company has shut down and laid off 4,000 employees. Askme’s sister concerns – AskMe Bazaar and Mebelkart- have also stopped operations.
The Gurgaon-based online classified company’s majority investor Astro Entertainment Networks Limited (AENL) exited AskMe a few weeks ago, due to disagreements with the minority shareholders.
AskMe had invested about $120 million and holding more than 97% stake in the company. But the minority shareholders allege that Astro is yet to pay Rs 300 crore to the company in dues. In fact, AskMe has written to the Ministry of Corporate Affairs and Registrar of Companies, asking them to ensure that Astro does not exit the country without meeting its liabilities and commitments.