The beauty and fashion e-commerce platform, Nykaa has filed a lawsuit against its former chief business officer, Aakash Asthana, who is now the chief executive officer of Tata Cliq Luxury.
Accusations against Asthana
As reported by The Economic Times, the lawsuit alleges that Asthana breached his employment contract with Nykaa before leaving the company.The lawsuit also claims that Asthana attempted to recruit multiple employees who had previously worked under his supervision at Nykaa to join Tata Cliq, and some of them have since made the transition.
Nykaa also revealed in its petition that Asthana, a former CBO and board member at Nykaa for four years, held a position of significant authority within the company, giving him access to confidential business data.
Nykaa demands financial compensation
As per the report, the company has demanded that Asthana refund approximately Rs 19 crore in employee stock option benefits he availed while at Nykaa. Additionally, Nykaa is seeking Rs 5 crore in compensation for the alleged loss of goodwill and other business metrics caused by Asthana’s actions.
Furthermore, Nykaa has requested the court to restrain Asthana from using any confidential business data acquired during his tenure at Nykaa for his work at Tata Cliq Luxury.
Nykaa confirmed that it had made an exception to its non-compete policy for Asthana, permitting him to join Tata Cliq. Asthana joined Tata Cliq in June 2023 after a three-month garden leave period.
The Bombay high court issued a temporary order prohibiting Asthana from recruiting Nykaa executives to join Tata Cliq.
Asthana’s stand
Asthana dismissed the allegations as “incorrect” and stated that they would be proven false in the arbitration proceedings. “However, since the matter is sub-judice, I can’t comment on the same. The matter is between my former employer and me, and my current employer is not a party in the matter and therefore best left out in the discussion,” he told ET.
Accusations against Asthana
As reported by The Economic Times, the lawsuit alleges that Asthana breached his employment contract with Nykaa before leaving the company.The lawsuit also claims that Asthana attempted to recruit multiple employees who had previously worked under his supervision at Nykaa to join Tata Cliq, and some of them have since made the transition.
Nykaa also revealed in its petition that Asthana, a former CBO and board member at Nykaa for four years, held a position of significant authority within the company, giving him access to confidential business data.
Nykaa demands financial compensation
As per the report, the company has demanded that Asthana refund approximately Rs 19 crore in employee stock option benefits he availed while at Nykaa. Additionally, Nykaa is seeking Rs 5 crore in compensation for the alleged loss of goodwill and other business metrics caused by Asthana’s actions.
Furthermore, Nykaa has requested the court to restrain Asthana from using any confidential business data acquired during his tenure at Nykaa for his work at Tata Cliq Luxury.
Nykaa confirmed that it had made an exception to its non-compete policy for Asthana, permitting him to join Tata Cliq. Asthana joined Tata Cliq in June 2023 after a three-month garden leave period.
The Bombay high court issued a temporary order prohibiting Asthana from recruiting Nykaa executives to join Tata Cliq.
Asthana’s stand
Asthana dismissed the allegations as “incorrect” and stated that they would be proven false in the arbitration proceedings. “However, since the matter is sub-judice, I can’t comment on the same. The matter is between my former employer and me, and my current employer is not a party in the matter and therefore best left out in the discussion,” he told ET.