AskMe Comes On Back foot: Evacuation of Main Investor

AskMe Comes On Back foot: Evacuation of Main Investor

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Gurgaon-based leading online e-portal is now unavailable for services, as the consumer-based firm has ended all of its operations and is now taking a heap of sneak by scooping out its remaining staff. As for now, AskMe’s e-commerce website is still ongoing but doesn’t accept any new orders.

The emerging IT firm seems to take the major decision because of the severe cash crunch. According to the reports came straight from the home of AskMe, this critical situation came in sight due to the unplanned exit of its major investor Astro Holdings.

AskMe was a stakeholder of more than 97% in the company by investing USD 120 million. But Astro is alleged by the minority shareholders of yet to paying Rs. 300 crore to the company dues. Infested firm has knocked the door of the Ministry of Corporate Affairs asking them to make Astro not leaving in absentia of meeting its commitments and liabilities.

Prominent logistics, the North American firm reported that they had filed a legal notice on the Gurgaon-based firm for not paying for four to five months. Meanwhile, the merchants linked with the company also did not get any payment. According to the sources, AskMe was facing a daily downfall of a thousand views daily.

Either it was a result of any mismanagement or of lacking corporate governance, but the company finally has failed to pay on roll employees too. An ex-employee reported that the salaries were started to delay from past few months, and in the month of August, many employees even did not get any salary.

Reports have been revealed by AskMe stated that the non-payment issues from Astro resulted the delays happened. The company has now provided the names and contact details of Astro management for the suffering employees to contact regarding payment issues.

AskMe Comes On Back foot: Evacuation of Main Investor
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