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  1. After almost a month in jail, Stayzilla’s Yogendra Vasupal says ‘not ready to negotiate under gun’

After almost a month in jail, Stayzilla’s Yogendra Vasupal says ‘not ready to negotiate under gun’

Putting out his points of view online, Vasupal said money was not a problem in settling the issue as the investors had come forth to help him out.

By: | Chennai | Published: April 18, 2017 7:46 AM

StayZilla co-founder Yogendra Vasupal, who was released on bail last week after languishing in prison for close to a month, has said that what mattered to him were his principles and that he doesn’t negotiate with people who point a gun to his head.

Putting out his points of view online, Vasupal said money was not a problem in settling the issue as the investors had come forth to help him out. “My investors offered to settle the amount to help me. They had even come to meet me, just to be sure that I got the message that they were willing to help fund the payment,” Vasupal said in its post in medium.com.

He further said that there was no question of cash ever being a constraint in case of Jigsaw. It was only a matter of principle. “It was not possible for me to swallow that I could pay up, just to get out of prison and be free. It would mean that my team and me were wrong all along. In fact, this was the exact reason I declined to settle when I was being coerced to do so for 8 hours after my arrest and before my remand,” he said.

“I am still reeling from all the false personal accusation of siphoning, harassing women entrepreneurs and cheating — that were launched on me in a well synchronized manner across various media outlets. I am truly grateful for all the support from people like you who could see through the falsity?—?without which I would probably have been shattered. I am contemplating my next steps here to clear our names completely,” he said.

Vasupal had been granted conditional bail by the Madras high court on April 11, asking him to deposit `40 lakh as personal bond as requirement for the release. Vasupal got the bail after two unsuccessful attempts for bail in the lower courts.

CCB had arrested Vasupal on March 14, based on a complaint file by CS Aditya of Jigsaw Advertising and Solutions Private Limited for offences under Sections 406 (Punishment for criminal breach of trust), 420 (Cheating), 506 (i) (Criminal Intimidation) of the IPC. According to the complainant, StayZilla had failed to make payments for advertising services rendered by him since February 2016 and has defrauded him to the tune of `1.7 crore.

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