In May , Vani Kola, the managing director of Kalaari Capital, resigned from the board of Snapdeal. Nexus Venture's Suvir Sujan, Bahl and Bansal still hold seats on the board of the company. "The small shareholders in Snapdeal are big guys," said one person privy to the negotiations. The person reckons that over a dozen shareholders, who together own 15% stake in Snapdeal, are planning to join forces.In the letter sent to the Jasper Infotech board, PremjiInvest has outlined its concerns over the transaction, which aims to close the sale of Snapdeal to its Bengaluru-headquartered rival for $700 million-$1billion.The deal is currently in the due-diligence phase. PremjiInvest and Ontario Teachers' Pension Plan declined to comment, while Snapdeal, SoftBank, BlackRock and Tybourne Capital did not reply to email queries from ET on the development.ET was unable to ascertain if this second letter from PremjiInvest to the Snapdeal board represents the company's other minority stakeholders as well.

Source: Economic Times June 23, 2017 02:26 UTC