Put yourself in this man’s shoes. This man, writing an email. To his employer.
As discussed over the last so many days with Board and Investors, due to lack of funds to run a viable operation the situation is becoming extremely volatile and unmanageable in the organisation. With no clarity emerging on fresh funding we are neither able to pay old liabilities (Stat dues/ Employee dues / Market related dues) nor are we able to invest in any initiatives for growing the business. As a result I am not able to justify my role as a CEO and would like to resign from the position as of end of 31st March. Please accept the same and send it to ROC for filing the same at your end.
This really is an unforeseen situation and puts me in a considerable hardship position due to no fault of mine and I would request board /investors to settle my dues which include March Salary, Notice period pay for six months and PLI ( part of the agreed CTC ). However as discussed and agreed I would be willing to settle for March Salary plus 3 month’s salary against notice period if the company is able to settle all my dues at one go on or before 15th April 2016. I would also seek support and guidance from investors in helping me find a suitable alternate position commensurate to my current position at India Homes.
I have always believed in the potential of IndiaHomes and now having ensured one of the lowest burns in the Industry over the last nine months, I sincerely hope that investors are able to find ways to turn things around further and in case turn of events lead to an eventual wind down, employees are given their rightful dues…
Do you feel it? The desperation. The anguish. The fait accompli.
Perhaps you have questions.
What drove Arvinder Singh Sachdev to write that email? And, whatever happened at IndiaHomes? He speaks so fondly of the company, whose fortunes seem to have turned sour, almost so suddenly. Wonder why?
Yes, all good questions. But before we set out to answer them, a little context should hold us in good stead.
IndiaHomes isn’t some tiny, fly-by-night startup. Founded in the year 2007, as a real estate brokerage firm, it fashioned itself as an online real estate listing and property advisory firm. By all accounts, it was a thriving enterprise. Over the years, IndiaHomes raised almost $78 million and counts marquee venture capital firms as its investors — US-based New Enterprise Associates (NEA), Helion Venture Partners and Foundation Capital.