CII condemns Stayzilla founder’s arrest

Views: 47

New Delhi, March 17 (IANS) The arrest of online homestay marketplace Stayzilla’s founder Yogendra Vasupal over a civil dispute is disturbing, said a top official of the Confederation of Indian Industry (CII) Start-up Council.

In a statement here on Friday, Kris Gopalakrishnan, Chairman, CII Start-up Council, said: “The legal developments around Vasupal are disturbing.”

“The nature of accusation invoked against Stayzilla, i.e., non-payment of dues, essentially falls in the domain of civil disputes and not under criminal charges, unless it is done with an intent of cheating,” he said.

According to Gopalakrishnan, start-ups are prone to all kinds of financial vulnerabilities/stress like any other business, and such examples of criminal proceedings against start-ups create fear in the minds of aspiring entrepreneurs in the country.

ALSO READ:   Odisha seeks to stop Polavaram construction work

He said the start-ups that fail should be treated by a separate exit/bankruptcy law or civil laws, and not criminal laws.

“The CII being a strong proponent of the start-up movement in the county condemns any such move which wrongfully strives to undermine the start-up spirit in the country and creates fear in the minds of budding entrepreneurs,” he added.



Comments: 0

Your email address will not be published. Required fields are marked with *