Wealth India Financial Services Private Limited that runs online financial services platform — FundsIndia.com has removed its founders CR Chandrasekar and Srikanth Meenakshi from the firm following differences of opinion with the firm’s private equity investors, reported The Hindu, citing sources.
“There have been differences of opinion between the founders and the investors over how to run the company and its future plans. The founders are terminated without cause. There are no irregularities,” said a person familiar with the developments.
“Can confirm that I and Chandrasekar are not with the company. Cannot comment further,” Srikanth Meenakshi said when contacted. The company could not be reached for comments.
It is understood that the top leadership team, along with employees, represented to the board against the move but they were ignored. Launched in 2009, FundsIndia.com is an online financial services platform that caters to retail investors across the nation and around the world. It has retail assets under management of ₹6,500 crore in mutual funds. The firm employs 330 people