Fourcee has been accused of fraud, embezzlement and wilful deceit, according to a document field with the CLB in Mumbai, said the Times of India.
The firms decided to go to court after audits by a KPMG affiliate and Ernst & Young discovered financial irregularities in Fourcee’s results statements.
“We suspect that the company as well as GA and IEP as its shareholders may have been victims of extensive forgery and wilful deceit, as set forth in our CLB filing, that has been perpetrated by several individuals, including Rajesh Lihala, promoter and executive chairman, and Vinay Singh, promoter and MD of the company,” General Atlantic and India Equity said in a statement.
Fourcee uses a special type of container that can be loaded and unloaded on trains, trucks and ships on a door-to-door basis.
General Atlantic bought a minority stake in Fourcee for about $125m in January 2012 from US-based Mayfield Fund, which reportedly made a ten-times return on its initial investment.
In December last year the World Bank’s investment arm IFC agreed to loan $25m to Fourcee to help boost India’s railway system.
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