Zoho founder Sridhar Vembu will have to deposit bonds worth Rs 14,000 crore
Digital Desk, New Delhi. The divorce of Sridhar Vembu, founder and CEO of Zoho company, is considered to be the most expensive divorce in India. The court has ordered Sridhar Vembu to deposit a bond worth $ 1.7 billion in the ongoing divorce case in California.
The main reason for this divorce between Sridhar Vembu and his wife Pramila Srinivasan is regarding custody and stake in Zoho. The bone of contention in this divorce is the division of marital property accumulated by the couple while living in California.
Vembu returned to India in 2019
After graduation from IIT-Madras, Vembu went to the US in 1989 to pursue a PhD in Electrical Engineering from Princeton University. In 1993, four years after moving to America, he married entrepreneur Pramila Srinivasan.
In 1996, Sridhar Vembu, along with his colleagues, started a software development company called AdventNet and changed its name to Zoho Corporation in 2009.
Sridhar Vembu and Pramila Srinivasan lived in California for nearly three decades. The couple also has a 26-year-old son. In 2019, Vembu returned to India and started overseeing Zoho's work from his native village Mathalamparai in Tamil Nadu.
According to a Forbes report, Vembu filed for divorce in August 2021. Pramila Srinivasan alleged that Vembu had given majority of the company's shares to his sister Radha Vembu and brother Shekhar.
Radha currently holds about 47.8% stake in the company, while Vembu Technologies founder Shekhar holds 35.2%. Vembu itself holds only a 5% stake, worth US$225 million. Sridhar Vembu rejected all the allegations made by his wife and termed them as a fabricated story.
Bonds worth Rs 14 thousand crore will have to be deposited
In January 2025, the Supreme Court of California, in its order, has ordered Vembu to deposit a bond of US $ 1.7 billion. This amount in Indian currency is more than Rs 14,000 crore. The court said this was necessary to protect Srinivasan's rights over the marital property from potential harm.
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