Venture investor Kalaari Capital's sale of its entire stake in hyperlocal grocery delivery service Milkbasket to the Mahendra Nahata-led MN Televentures is being hotly contested by the Gurgaon-based company.
The stake sale by Vani Kola-led Kalaari, met with stiff resistance from Millkbasket's board for weakening the startup's ability to find potential new investors or buyers.
Kalaari, the largest shareholder in Milkbasket, owned an estimated 15.26% in it, according to data intelligence platform Paper.vc.
"All attempts to salvage the company seem to have failed. The case in NCLT can go on for years, even if it is ruled in Milkbasket's favour, as there is always a possibility to file appeals to the rulings. No other investor is going to touch the company until this is resolved," said one person aware of developments.