Affle Global wins legal battles as PhonePe fails to acquire 92% of OSlabs Pte. Ltd.

On May 31, 2021, AGPL won the Singapore Court orders invalidating resolutions related to PhonePe transactions and placed an injunction on any further transfer of shares to PhonePe & voting restrictions related orders as defined below. AGPL still did not issue any media statement. However, around June 12, 2021, PhonePe's CEO issued media statements venting his personal frustration with VenturEast with respect to a complaint already in Singapore courts. OnMay 31, 2021, AGPL won theSingapore...

On May 31, 2021, AGPL won the Singapore Court orders invalidating resolutions related to PhonePe transactions and placed an injunction on any further transfer of shares to PhonePe & voting restrictions related orders as defined below. AGPL still did not issue any media statement. However, around June 12, 2021, PhonePe's CEO issued media statements venting his personal frustration with VenturEast with respect to a complaint already in Singapore courts.

On June 18, 2021, AGPL won the orders that require the EGM to be held properly by OSLabs and wherein PhonePe will not be allowed to vote as their shares were registered without proper resolutions unless such transfers are validated by the Arbitration Tribunal. The injunction orders on further registration of shares to PhonePe as well as any other furtherance of PhonePe transactions were ordered as defined below.

Today, AGPL decided to respond with this media statement to provide the answers to all the 100+ media stories published till date so that our truth of this matter is placed on record as per the justice delivered by honourable Singapore Court orders and SIAC arbitration orders made till date.

In response, PhonePe filed some complaints in Singapore courts with respect to the VenturEast share sale in May 2021. AGPL believes that PhonePe CEO should maturely wait for the honourable courts to review the merits of any alleged complaints that are solely under Singapore jurisdiction and not prematurely vent personal frustration & allegations in the media.

AGPL, despite having valid complaints and related wins in the arbitration & court orders, has avoided media statements till date. We strongly respect the ethics and sanctity of fair journalism and have waited patiently for justice to be delivered before making this media statement today.

AGPL has a no spokesperson policy and for further queries, you may write to AGPL at - [email protected]