Affle claims to have won the first legal fight in the Indus OS share sale case brought against it by Walmart-owned PhonePe in a Singapore court. An offer for a 92 percent share in Indus was made from PhonePe, valued at about $60 million. However, the company’s largest stakeholder, Affle Global Pte Ltd (AGPL), is opposed to the sale. AGPL believes OSLabs, also known as Indus OS, is worth about $90 million and has refused to sell its 25% interest at a lesser price.
The firm runs the ‘Indus App Bazaar’ app store, which has over four million apps in English and including Marathi, Hindi, Gujarati, Tamil, Urdu, Telugu, Odia, Punjabi, Assamese, Malayalam, Bengali, and Kannada 12 Indian languages.
AGPL had filed an injunction against Indus OS’s resolution authorizing the share sale to PhonePe, which the fintech company had contested in a Singapore court.
According to AGPL, PhonePe has lost its current voting rights in OSLabs’ general meeting as a result of the court’s instructions, as of the latest hearing on June 18 in Singapore High Court. The term sheet for clearance of the Indus OS share sale was expired on March 12, according to AGPL, and the dates and signature pages of the PDF were altered to prolong the lapsed validity without necessary alteration or authorization.
According to the court ruling, PhonePe will be unable to utilize its acquired voting power to decide on a resolution.