Kapoor filed a defamation suit against Sequoia Capital and several media outlets earlier this year, saying baseless allegations by them have hurt the business and reputation of Algo Legal.
Before founding Algo Legal in 2019, Kapoor was general counsel at Sequoia Capital for nine years. Algo Legal was an advisor for Sequoia-led funding rounds.
“Sandeep Kapoor and his law firm, Algo Legal, choose to withdraw the defamation suit against Sequoia India and several media publications and journalists just prior to Sequoia India filing its reply to the suit,” a Sequoia India spokesperson said.
Kapoor filed the defamation lawsuit in a Bengaluru court after reports said that Algo Legal made some companies in Sequoia’s portfolio pay higher fees to it by threatening them with investigations by the Income Tax Department, the Enforcement Directorate (ED) and with cases related to violations of the Foreign Exchange Management Act (FEMA).
Sequoia, which ended its association with Algo Legal in June this year, had previously stated that it found ‘concerning incidents’ involving the law firms and related parties.
Algo Legal had previously denied all allegations.
“Sequoia India has maintained throughout that all steps taken by it were based on detailed reviews and in the best interest of portfolio companies and various stakeholders.
“The claim 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 relief,” the spokesperson said on Thursday.
Algo Legal too stated that it had withdrawn the defamation suit.
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