India, April 24 -- Inside The Legal Battle At RentoMojo

RentoMojo's road to IPO has hit a legal speed bump. Cofounder and ex-COO Ajay Nain has moved the NCLT, alleging that he was coerced into selling his stake in the company at a fraction of its value.

Golden Chance Narrative: Nain alleges that cofounder and CEO Geetansh Bamania and other senior executives used fraud and misrepresentation to push him into selling his stake. He claims that Bamania hinted at the imminent liquidation of the company, and framed the buyout of Nain's 9.41% stake for Rs.1.5 Cr as a 'golden chance' to exit before the shares became worthless.

It is this transaction that Nain wants to be declared void, his roughly 9.41% holding restored, and the IPO halted unti...