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Kapoor filed a defamation go well with towards Sequoia Capital and several other media retailers earlier this yr, saying baseless allegations by them have damage the enterprise and fame of Algo Authorized.
Earlier than founding Algo Authorized in 2019, Kapoor was basic counsel at Sequoia Capital for 9 years. Algo Authorized was an advisor for Sequoia-led funding rounds.
“Sandeep Kapoor and his regulation agency, Algo Authorized, select to withdraw the defamation go well with towards Sequoia India and several other media publications and journalists simply previous to Sequoia India submitting its reply to the go well with,” a Sequoia India spokesperson mentioned.
Kapoor filed the defamation lawsuit in a Bengaluru court docket after studies mentioned that Algo Authorized made some corporations in Sequoia’s portfolio pay greater charges to it by threatening them with investigations by the Revenue Tax Division, the Enforcement Directorate (ED) and with instances associated to violations of the International Trade Administration Act (FEMA).
Sequoia, which ended its affiliation with Algo Authorized in June this yr, had beforehand acknowledged that it discovered ‘regarding incidents’ involving the regulation corporations and associated events.
Algo Authorized had beforehand denied all allegations.
“Sequoia India has maintained all through that each one steps taken by it have been primarily based on detailed opinions and in the most effective curiosity of portfolio corporations and varied stakeholders.
“The declare of defamation was incorrect, and the withdrawal of the case is a vindication of this stand. We’re grateful to the Hon’ble Court docket for not granting any reduction,” the spokesperson mentioned on Thursday.
Algo Authorized too acknowledged that it had withdrawn the defamation go well with.
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