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Updated: Infomedia 18 To Acquire Burrp; Not A Related Party Transaction

Clarification and Apology: We have just received an official clarification from Yug Samrat, Company Secretary & GM-Legal, Infomedia 18 Limited, categorically asserting that Haresh Chawla is not a shareholder in Burrp! MediaNama apologizes for any information that may have indicated otherwise - our information was based on highly placed sources, who we trusted had intimate knowledge of the deal between Chawla and Burrp. Previous Update: Reliable Network18 sources have informed us that Haresh Chawla was not a shareholder in Burrp - he had loaned money to them, and a term sheet had been signed, by virtue of which he had the option to acquire shares in the company. Apparently, that option had not been exercised. Do note that neither Haresh Chawla nor Deap Ubhi have gotten back to us, so we have no official confirmation of this. Chawla is yet to respond to emails, Ubhi to calls and SMS'. (Update: See update from Infomedia18 above) Original Story: Infomedia 18 has informed the Bombay Stock Exchange that they have "acquired the local information and social media business of burrp! Software Pvt Ltd on going concern basis including the 'burrp' brand with effect from March 15, 2009. The management believes that the said acquisition will create an important asset for the Company's local search initiatives in the emerging media space." We had heard of the deal from our sources, but the information was released before we could confirm it. According to our sources, Burrp is being dissolved. VCCircle has also reported this story.…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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