Dunzo co-founder had enough money to angel invest but not meet payroll and pay taxes.
So one of the Dunzo co-founders has enough money from salary and secondaries to angel invest in the last few months, but employees have not been paid salaries and neither has Dunzo deposited PF and TDS, which is a criminal offence. https://www.crunchbase.com/person/ankur-aggarwal-3
Talking product sense with Ridhi
9 min AI interview5 questions
Read concept of limit liability. Company and founder are not the same thing.
🤦 umm, read the companies act and the income tax act as well. Directors are responsible for the company. The directors can go to jail for the violation of the law.
Can you please point me to the law violation here?
Is he dumb to pay the salaries from his pocket
Was he dumb when he took decisions that landed the company in the place that it is now? Was he dumb to be playing with people's lives? Was he dumb to have deducted taxes from our salaries and not deposit it to the income tax dept?
Why not invest in your own company when it desperately needs funds and you convince other investors to invest ? This itself is enough reason for external investors to not invest in you.
I wonder if such situations will mean employees might not be willing to take the risk of working in startups. They are the ones who are hurt the most especially with TDS issues
Paying employees doesn't make him money. Investing does. They don't care about employees
*but not to meet payroll and to pay taxes. Sorry for the grammatical errors in the post
This is genuinely worrisome. 🥲
They will have a tough time moving forth.
Because he is angel investing from the salary he has received as an employee of the company. He is not investing company's money. CXO are also employees.