Zoho Corporation, a profitable multi-billion dollar SaaS company, became embroiled in a personal dispute between its founder, Sridhar Vembu, and his wife, Pramila Srinivasan, concerning the distribution of their assets during their divorce proceedings.
Pramila Srinivasan, who resides in California, has accused Sridhar Vembu of leaving her and their child with special needs behind in the United States when he returned to his rural hometown in India. She has claimed that he is refusing to distribute their assets equitably. The most recent valuation of Zoho Corporation was reported to be $5 billion.
Sridhar Vembu has refuted the accusations made by his wife, calling them “slander.” In a report published by Forbes on Monday, it was revealed that Pramila Srinivasan had accused Vembu, as part of their ongoing divorce proceedings in California, of conducting several transactions that resulted in him owning a small portion of the company while the majority of the shares were owned by his other family members, without informing her. Srinivasan’s attorney argued that under California’s community property law, a spouse cannot dispose of assets without their partner’s consent during the marriage. However, Vembu stated in his tweets that he had never transferred his shares in Zoho Corporation to anyone else.
Sridhar Vembu offered his perspective on the situation, explaining that his son has been battling autism for over 15 years, and he and his wife have been exploring different forms of treatment. As their son grew older, Vembu believed that moving to rural India, where he could be closer to supportive individuals and help uplift the community, would be more beneficial than the treatments he was receiving in the US. His wife disagreed, and their marriage became strained as a result. Vembu insisted that he did not financially abandon his wife and son, as they are living a better lifestyle than he is, and he has been providing them with full support. He expressed his hope that his son will one day join him in India, where he plans to continue building institutions and capabilities.
Zoho Corporation’s financial statements revealed that its revenue from operations was approximately Rs 6,711 crore in FY22, with profits of around Rs 2,740 crore.
Source: https://www.msn.com/en-in/news/other/zoho-caught-in-founder-s-divorce-row/ar-AA18DcVg