SoftBank signs indemnity clause over Unicommerce ‘promoter’ tag

SoftBank has entered into an indemnity agreement with Snapdeal founders — Kunal Bahl and Rohit Bansal — after markets regulator Securities and Exchange Board of India (Sebi) classified the Japanese investment major as the “promoter” of IPO-bound Unicommerce eSolutions.

The move by SoftBank is aimed at protecting its executives from future liabilities arising out of the responsibilities of being deemed a promoter of Unicommerce, a Snapdeal-backed software-as-a-service companny