
In a shocking turn of events, Parivesh Shukla, the founder of Raft Motors Pvt. Ltd., has accused Aditya Vikram Birla, Chairman of the Cosmic Birla Group, along with others, of forgery and fraud involving the illegal transfer of shares valued at a staggering ₹26 crore. This controversy has sent ripples through the corporate world, sparking questions about ethical practices in India's startup ecosystem.
The Acquisition That Turned Sour
The dispute traces back to November 2023, when Aditya Vikram Birla acquired Raft Motors, a promising electric vehicle startup founded by Shukla. While the acquisition was meant to drive growth and innovation, Shukla alleges that the new management soon began pressuring him to sell his shares at an undervalued rate.
By April 2024, Shukla's salary was halted, creating financial strain and allegedly aimed at coercing him into selling his stake. “I was devastated, but I refused to give in,” Shukla revealed, adding that his determination to protect what he built was met with aggressive tactics.
The Shocking Revelation in IPO Filing
The tension reached its peak in December 2024, when Raft Motors filed its Draft Red Herring Prospectus (DRHP) with the Bombay Stock Exchange (BSE) for an upcoming IPO. On reviewing the document, Shukla discovered that his name was mysteriously missing from the list of promoters and shareholders. Shockingly, his shares had been transferred to Raja Saha without his knowledge.
“This was nothing short of a betrayal. My shares were stolen from me through forged documents,” Shukla claimed. He immediately reported the matter to regulatory bodies, including SEBI, MCA, and the local police, alleging forgery in the share transfer process.
Forgery and Undervalued Shares
The company presented a Form SH4 (Share Transfer Form) as evidence, showing Shukla transferring his shares to Saha for ₹10 per share—a price Shukla vehemently disputes. “My shares are worth ₹1,000 each. How can I sell them for ₹10? This is a clear case of fraud,” Shukla said.
He further stated that no payments were received, and the signature on the form was forged. Supporting his claim, he highlighted that the company recently attracted ₹8.5 crore in investments from 38 angel investors, demonstrating its high valuation.
Allegations Against Prominent Individuals
Shukla has accused over a dozen individuals, including Aditya Vikram Birla, Raja Saha, and others, of orchestrating this fraud. He specifically named entities like AVB Endeavors Pvt. Ltd. and Prilika Enterprises Pvt. Ltd. as being complicit in the scheme.
Saurav Ganguly’s Involvement Adds Credibility
Adding weight to his case, Shukla pointed out that Saurav Ganguly, former Indian cricket team captain and brand ambassador of Raft Motors, is also a shareholder. “If someone like Ganguly believes in Raft Motors’ potential, why would I sell my shares at a throwaway price?” Shukla questioned, calling attention to the company’s true worth.
A Fight for Justice
Having dedicated 8 years of his life to building Raft Motors, Shukla is determined to fight for justice. “I will not rest until the truth comes out. Indian law will prevail, and those responsible will be held accountable,” he declared.
He has urged concerned parties to reach out to Hardik Bhuta, AGM at BSE SME, for more details or to raise objections.
Broader Implications for Corporate Governance
This case has raised serious concerns about corporate governance and the vulnerability of startup founders in India. The allegations against a prominent industrialist have shaken the business community and put regulatory bodies under the spotlight.
The outcome of this legal battle could set a significant precedent for the treatment of founders and investors in India’s evolving corporate landscape.
Download DRHP: https://raftcosmicev.in/about-us/
Comments