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Times Group seeking Rs 100 crores damages from Housing

Times Group seeking Rs 100 crores damages from Housing

Author | exchange4media News Service | Thursday, Mar 19,2015 3:40 PM

Times Group seeking Rs 100 crores damages from Housing

Rahul Yadav and have found themselves in the centre of the storm yet again. Bennet, Coleman & Co. Ltd (BCCL), the holding company of the Times Group has sent a legal notice to the real estate portal’s owner Locon Solutions for alleged defamation.

According to reports in media, the notice asks CEO Rahul Yadav and its directors to issue an unconditional apology and also seeks Rs 100 crore in damages.

The notice is related to an earlier internal email sent by Rahul Yadav, in which he alleges that the Times Group, which has a competing portal in the form of MagicBricks, was out to malign Housing. Yadav was referring to an Economic Times article, which suggested that investors were looking to replace Rahul Yadav as CEO. The article also alleged that Housing has a monthly cash burn rate of Rs 50-63 crore ($8-10 million), citing unnamed company executives. Yadav has denied these suggestions.

Earlier, Yadav was the centre of controversy when he had a spat with Sequoia Capital India MD Shailendra Singh. In an email to Singh, Yadav accused him of poaching Housing staff. The email was leaked to online Q&A platform Quora from where it was subsequently removed. Yadav, however, continued his tirade on Quora.

Here is a screenshot of his post: did not comment. Interestingly, has been in a major rebranding and advertising drive recently with large-scale outdoor, digital and print campaigns, In fact, it is also advertising on print properties owned by the Times Group.

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