Kapoor filed a defamation go well with against Sequoia Capital and several other media shops earlier this yr, saying baseless allegations by them have harm the enterprise and popularity of Algo Legal.
Before founding Algo Legal in 2019, Kapoor was normal counsel at Sequoia Capital for 9 years. Algo Legal was an advisor for Sequoia-led funding rounds.
“Sandeep Kapoor and his legislation agency, Algo Legal, select to withdraw the defamation go well with against Sequoia India and several other media publications and journalists simply previous to Sequoia India submitting its reply to the go well with,” a Sequoia India spokesperson stated.
Kapoor filed the defamation lawsuit in a Bengaluru courtroom after experiences stated that Algo Legal made some firms in Sequoia’s portfolio pay larger charges to it by threatening them with investigations by the Income Tax Department, the Enforcement Directorate (ED) and with circumstances associated to violations of the Foreign Exchange Management Act (FEMA).
Sequoia, which ended its affiliation with Algo Legal in June this yr, had beforehand said that it discovered ‘regarding incidents’ involving the legislation corporations and associated events.
Algo Legal had beforehand denied all allegations.
“Sequoia India has maintained all through that every one steps taken by it had been based mostly on detailed critiques and in one of the best curiosity of portfolio firms and varied stakeholders.
“The declare of defamation was incorrect, and the withdrawal of the case is a vindication of this stand. We are grateful to the Hon’ble Court for not granting any aid,” the spokesperson stated on Thursday.
Algo Legal too said that it had withdrawn the defamation go well with.