Four members Baqar Abbas Jafri, Sennen D’Souza, Hammad Ali Hashmi, and Waqar Ehsan, of the startup Investors Lounge, who were arrested on charges of infringement of intellectual property rights, have been cleared of any illegal activity.
Court documents reveal that the judge has had to put the case on hold due to lack of evidence against the members. For the case to go on trial, the prosecution needs to bring solid proof to support its claim.
The accuser in the case, Mir Mohammad Ali Khan, CEO of AMZ MAK Capital, is the former employer of the four individuals, who were given the task of building a social media platform for investors. Mir is adamant that the founders quit his firm after the platform was ready, taking the source code along with them against their agreement.
Investors Lounge is a gateway for potential investors to see updated financial data on stocks, mutual funds, and commodities in Pakistan. The CEO of Investors Lounge, Baqar disregards the claims of Mir. He explained that he met Mir in 2013 to discuss terms for a prospective investment. After detailed negotiation, both parties did not reach any mutual agreement, which could guarantee AMZ MAK Capital a stake in Investors Lounge. On behalf of his team, Baqar clarified that they withdrew because they felt uncomfortable about working with the former investment banker.
The subsequent lawsuit came as quite a shock to the members of the new startup. In response to which, Investors Lounge has also filed a defamation case against Mir Mohammad.
- sourcecode-theft: wireframe