Vivek Tiwari, co-founder and former CEO of Medikabazaar, has publicly denied all allegations of fraudulent conduct after being removed from the company’s board. Regulatory filings had accused Tiwari of financial mismanagement, revenue inflation, and breach of fiduciary duty—claims based on investigations by Alvarez & Marsal, Uniqus India, and others.

In his response, Tiwari strongly refuted the accusations, labeling them misleading and damaging. He emphasized the company’s achievements under his leadership and reaffirmed his commitment to ethical business practices. He warned against attempts to malign his character and signaled possible legal action to protect his reputation.

The controversy adds to growing concerns over governance issues in India’s startup space, following similar allegations in other high-profile firms like Gensol. Experts warn such incidents could shake investor confidence, burden honest entrepreneurs, and slow down the ecosystem’s momentum.

References:

• Entrackr

• Moneycontrol

• Medical Buyer

• Inc42