CHENNAI: A loaded and profitable multi-billion dollar SaaS firm Zoho On Tuesday, the corporation’s founder Sridhar Vembu and his wife Pramila Srinivasan had a personal disagreement over the division of assets as part of their divorce proceedings.
California-based Srinivasan alleged that Vembu abandoned him and their special-needs son in the US and returned to rural India, denying them a fair share of their assets. The last known valuation of the company was $5 billion.
Vembu, on his part Twitter to deny the allegations. A businessman who returned to the small town of Tenkasi in Tamil Nadu from the US before the pandemic pioneered the concept of setting up rural outposts for tech firms and called his wife’s allegations published in US Forbes magazine “slanderous”. As part of ongoing divorce proceedings in California from his wife, Pramila Srinivasan, the businessman made a series of transactions that resulted in her owning a small stake in the company while other members of her family have the upper hand, according to a Forbes report on Monday. This, according to Srinivasan, was done without informing him. “California community property law does not allow a spouse to secretly dispose of assets during the marriage without the other spouse’s consent,” her attorney said in a court filing. However, Vembu says in his tweet that he has “never” given his shares in the company to anyone.
TOI could not independently confirm Vembu’s statement. According to Joho’s filings with the Registrar of Companies (ROC), as on March 31, 2022, Vembu holds a 5% stake in the company, his sister Radha 47.8% and his brother Sekar 35.2%.
Sharing her side of the story, Vembu said her 24-year-old son has been battling autism for over 15 years and the couple is working on various treatments. “As our son grew older (24 today) the endless treatments he underwent did not help much and he would have been better off in rural India, loving people and helping people uplift. He felt that I had given up. In that stress, our marriage fell apart,” he tweeted.
“To say that I have given up on Pramila and my son financially is a complete fabrication. They live a much richer life than I do and I fully support them. . . “My prayer is that one day my beloved son will join us here,” he said. He said he will continue to build institutions and opportunities in rural India. According to Zoho’s consolidated financial statements, its revenue from operations stood at Rs 6,711 crore in FY22. The revenue was around Rs 2,740 crore.
California-based Srinivasan alleged that Vembu abandoned him and their special-needs son in the US and returned to rural India, denying them a fair share of their assets. The last known valuation of the company was $5 billion.
Vembu, on his part Twitter to deny the allegations. A businessman who returned to the small town of Tenkasi in Tamil Nadu from the US before the pandemic pioneered the concept of setting up rural outposts for tech firms and called his wife’s allegations published in US Forbes magazine “slanderous”. As part of ongoing divorce proceedings in California from his wife, Pramila Srinivasan, the businessman made a series of transactions that resulted in her owning a small stake in the company while other members of her family have the upper hand, according to a Forbes report on Monday. This, according to Srinivasan, was done without informing him. “California community property law does not allow a spouse to secretly dispose of assets during the marriage without the other spouse’s consent,” her attorney said in a court filing. However, Vembu says in his tweet that he has “never” given his shares in the company to anyone.
TOI could not independently confirm Vembu’s statement. According to Joho’s filings with the Registrar of Companies (ROC), as on March 31, 2022, Vembu holds a 5% stake in the company, his sister Radha 47.8% and his brother Sekar 35.2%.
Sharing her side of the story, Vembu said her 24-year-old son has been battling autism for over 15 years and the couple is working on various treatments. “As our son grew older (24 today) the endless treatments he underwent did not help much and he would have been better off in rural India, loving people and helping people uplift. He felt that I had given up. In that stress, our marriage fell apart,” he tweeted.
“To say that I have given up on Pramila and my son financially is a complete fabrication. They live a much richer life than I do and I fully support them. . . “My prayer is that one day my beloved son will join us here,” he said. He said he will continue to build institutions and opportunities in rural India. According to Zoho’s consolidated financial statements, its revenue from operations stood at Rs 6,711 crore in FY22. The revenue was around Rs 2,740 crore.
