Indian SaaS giant, Zoho Corporation's CEO, Sridhar Vembu, has rubbished allegations made by his estranged wife, Pramila Srinivasan, in a recent article published by Forbes. According to the article, Srinivasan claimed that Vembu had abandoned her and their special needs son and was preventing them from receiving their fair share in their divorce case in California.
Zoho Corp's founder and chief executive officer (CEO) Sridhar Vembu
Vembu took to Twitter to refute the allegations, stating that he had never transferred his shares in the company to anyone else. He also said that he would continue to support his wife and son as long as he is alive. Vembu also placed blame on his uncle for the "messy battle."
Forbes reported that Vembu had deliberately got rid of a large chunk of his Zoho stake in a complex transaction that moved Zoho's intellectual property to India and eventually placed the majority of the shares with his sister and her husband, without ever telling Srinivasan. However, Vembu has categorically denied any such transfers.
"I lived in the US for the first 24 years of our 27-year history, and much of what constitutes the company was built in India. That is reflected in the ownership," he wrote on Twitter.
It is unclear how this will impact Zoho's operations, but the company has been making strides in the SaaS industry. The allegations have certainly cast a shadow over the company's image, and it remains to be seen how they will handle the fallout from this controversy.