Yogendra Vasupal, founder & CEO of beleaguered home stay start-up StayZilla, who was arrested on Tuesday, moved a local court here with a bail plea. The matter has been posted for a hearing on Monday. According to sources, he was unable to move the bail earlier as a copy of the FIR was not provided till Wednesday evening.
The Central Crime Branch of Chennai police arrested Vasupal following a complaint by city-based advertising professional Aditya CS that Vasupal had shut down StayZilla when he still owed him around R1.5 crore. Vijay Anand, CEO and founder of The Start-up Centre, said he holds the venture capitalfunds who had invested in the company equally accountable for the mess. He said all should follow procedure while shutting down operations. In his Facebook post, Vijay Anand said all VC funds have a tendency to resign from their board seats so as to not attract liabilities even before the decision to shutdown.