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Affle Global wins legal battles as PhonePe fails to acquire 92% of OSlabs Pte. Ltd.

SINGAPORE, June 28, 2021 /PRNewswire/ — With respect to Affle Global Pte. Ltd. (“AGPL”) minority shareholding in OSLabs Pte. Ltd. (“OSLabs” or “Indus OS”), AGPL finds that 100+ media stories were reported mostly with PhonePe’s bias on the OSLabs related matters including PhonePe’s alleged 92% acquisition of OSLabs, USD60Mn valuation of OSLabs, court cases, arbitration, ethics and more. In contrast to the PhonePe and OSLabs founders/CEO venting unsubstantiated claims in the media, AGPL has maintained restraint with our no spokesperson policy even though we had favourable arbitration orders well before the media trial began.

On May 15, 2021, AGPL achieved the SIAC emergency arbitration interim order that restricted OSlabs, its founders and key shareholders from transferring approx. 20% equity ownership to PhonePe until the Right Of First Refusal (“ROFR”) is duly offered to the existing shareholders of OSLabs. Despite this win, AGPL did not go to the media with any statement on OSLabs or PhonePe. However, around May 19, 2021, post the SIAC emergency arbitration orders, the media without sufficient checks started reporting that PhonePe is set to or has acquired 92% OSLabs valuing OSLabs at USD60Mn.

On May 31, 2021, AGPL won the Singapore Court orders invalidating resolutions related to PhonePe transactions and placed an injunction on any further transfer of shares to PhonePe & voting restrictions related orders as defined below. AGPL still did not issue any media statement. However, around June 12, 2021, PhonePe’s CEO issued media statements venting his personal frustration with VenturEast with respect to a complaint already in Singapore courts.

On June 18, 2021, AGPL won the orders that require the EGM to be held properly by OSLabs and wherein PhonePe will not be allowed to vote as their shares were registered without proper resolutions unless such transfers are validated by the Arbitration Tribunal. The injunction orders on further registration of shares to PhonePe as well as any other furtherance of PhonePe transactions were ordered as defined below.

Today, AGPL decided to respond with this media statement to provide the answers to all the 100+ media stories published till date so that our truth of this matter is placed on record as per the justice delivered by honourable Singapore Court orders and SIAC arbitration orders made till date.

AGPL has over 25% legal and beneficial voting rights in OSlabs and approx. 23% ownership on a fully diluted basis. AGPL is a long-term investor and expects to unlock greater growth in future with continued OEM partnerships. AGPL has confirmed that it values OSLabs at USD90Mn+ valuation and is clearly not selling to PhonePe at USD60Mn. Founders and key shareholders of OSLabs are not allowed to sell 20% shares to PhonePe at USD60Mn without offering ROFR rights to AGPL. So, there is at least 45% of the alleged 92% acquisition ambition of PhonePe that it cannot purchase post the May 15, 2021 SIAC emergency arbitration order. So any media publications about this alleged 92% acquisition must be updated.
As on date, PhonePe has failed to acquire shares/rights of Samsung Ventures (~20%), AGPL (~25%) and OSlabs Founders and key shareholders (~20%).
AGPL initiated arbitration proceedings to seek its ROFR rights, information rights and fundamental shareholders rights which are clearly stated in the Shareholders Agreement. These rights are being denied unfairly by OSLabs founders and 3 PhonePe employees acting as board members of OSlabs.
In May 2021, AGPL initiated Singapore High Court proceedings to get further protection against invalid resolutions and to suspend PhonePe voting, etc. During the court proceedings as well as in the arbitration process, the digital evidence was placed on record showing that the termsheet signed between OSLabs and others was invalid as on March 12, 2021. Shockingly, the dates and signature pages of the termsheet were allowed to be tampered to extend the expired validity without consent, to facilitate the deal with PhonePe.
On June 18, 2021, due justice was delivered to AGPL and PhonePe was defeated in the legal battles as per the orders made. PhonePe has failed to achieve its 92% acquisition ambition which was being pursued in complete disregard to the existing shareholder agreements and related corporate governance norms. The justice delivered is as below:

The OSlabs resolutions circulated on May 3, 2021 for PhonePe’s 92% acquisition of OSlabs were deemed invalid.
The OSlabs resolutions circulated on May 5, 2021 for issuance of new shares that aimed to dilute existing shareholders were also deemed invalid.
It, therefore follows that any corporate actions taken by OSLabs as per the invalid resolutions may be deemed invalid unless explicitly validated by SIAC arbitration tribunal. PhonePe will therefore not be allowed to exercise its voting rights in the OSLabs upcoming general meeting.
Further, the Singapore High Court has ordered an interim injunction to stop OSLabs from registering any further share transfers related to PhonePe’s 92% acquisition transaction until further compliances or take any further actions with respect to the PhonePe’s USD60Mn acquisition attempt of OSLabs except that a general meeting be convened where PhonePe is not allowed to vote.

In response, PhonePe filed some complaints in Singapore courts with respect to the VenturEast share sale in May 2021. AGPL believes that PhonePe CEO should maturely wait for the honourable courts to review the merits of any alleged complaints that are solely under Singapore jurisdiction and not prematurely vent personal frustration & allegations in the media.

AGPL, despite having valid complaints and related wins in the arbitration & court orders, has avoided media statements till date. We strongly respect the ethics and sanctity of fair journalism and have waited patiently for justice to be delivered before making this media statement today.

AGPL has a no spokesperson policy and for further queries, you may write to AGPL at –

registrar@affle.com

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Reliance Digital Launches ‘Baaptaa’, a Father’s Day Campaign Celebrating the Many Expressions of Fatherhood

MUMBAI, India, June 20, 2026 /PRNewswire/ — Reliance Digital has launched ‘Baaptaa’, a Father’s Day campaign to celebrate the many expressions of fatherhood. Built around a simple cultural observation, while “Maa ki Mamta” has long been a part of India’s collective vocabulary, there has never been a word that captures the distinct ways fathers express love, the campaign introduces ‘Baaptaa’ as a tribute to the many shades of fatherhood.

Conceptualised as an original music-led campaign, Baaptaa celebrates fathers not as idealised figures, but as they are experienced in everyday life, protective, dependable, emotional, quirky, practical, occasionally embarrassing, and always present. Through a relatable narrative, the campaign acknowledges the countless ways fathers care for their families, often through actions rather than words.Watch Video: https://youtu.be/9XyUsJB33Ds?si=PM67vhxrzth1JEkz At the heart of the campaign is an original music video told from a father’s perspective, capturing the different roles he plays across life’s moments and milestones. The film brings to life the humour, warmth and unspoken affection that characterise father-child relationships, while giving a name to a form of love that many recognise but few have articulated.The campaign stems from a simple insight: while motherhood has often found expression through familiar phrases and popular references, the unique language of fatherhood has remained largely undefined. Baaptaa seeks to fill that gap by creating a term that reflects the everyday gestures, practical wisdom and quiet sacrifices that fathers make.Father’s Day communication often leans into familiar emotional territory, but Reliance Digital’s campaign celebrates fathers in a way that feels more culturally authentic and relatable. The idea for ‘Baaptaa’ came from a simple observation — mother’s love has been immortalised in a number of heartfelt, emotional songs, there needed to be an anthem dedicated to dad’s love. And thus was born Baaptaa – a love language that is often awkward, practical, protective, humorous and deeply felt, even if rarely verbalised. It’s a celebration of fatherhood in all its wonderfully imperfect forms immortalized by a song that you won’t be able to stop humming.Shop for the widest range of electronics at Reliance Digital and thank your father for his Baaptaa.

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Canara HSBC Life Insurance Celebrates Father’s Day with a Heartwarming Tribute to Dad Jokes

The digital film highlights how fathers express love through humour, turning everyday moments into lifelong memoriesNEW DELHI, June 20, 2026 /PRNewswire/ — Canara HSBC Life Insurance Company Limited (“Canara HSBC Life Insurance”) today announced the launch of its Father’s Day digital film, a light-hearted and heartfelt tribute to fathers and their unique way of expressing love through humour. Celebrating the universally relatable phenomenon of ‘Dad Jokes’, the campaign shines a spotlight on the small yet meaningful moments that often become some of the most cherished family memories.

Presented in the style of a mock documentary, the film follows a sibling duo as they recount some of their father’s most memorable jokes—ranging from playful puns to classic one-liners. While the film begins with humour and nostalgia, it gradually reveals a deeper truth: behind every seemingly cringe-worthy dad joke lies a father’s sincere effort to connect, bring joy, and remind his family that he is always there for them.The campaign is rooted in the insight that fathers often express their emotions differently. Rather than through words alone, they communicate their care through everyday actions, practical guidance, shared experiences, and sometimes, through humour. Dad jokes may not always receive the loudest laughs, but they often become lasting reminders of a father’s presence, warmth, and unwavering support.Through relatable storytelling and candid family moments, the film celebrates fathers who may not always wear their emotions on their sleeves but consistently show up for their loved ones in their own unique ways. It captures how these seemingly ordinary interactions become treasured memories that families carry forward for years.Reflecting the campaign’s central message, Canara HSBC Life Insurance reiterates its belief in standing by every promise that matters. Just as fathers quietly support and protect their families through every stage of life, the company remains committed to helping customers secure their loved ones’ future and fulfil their financial commitments, truly embodying its promise of being a ‘Promises Ka Partner’.The campaign is now live across Canara HSBC Life Insurance’s X (twitter), LinkedIn, Facebook and Instagram channels.IG- https://www.instagram.com/reel/DZwH5IKhCzG/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA== FB- https://www.facebook.com/share/v/1cSkxsFWNY/X- https://x.com/CanaraHSBCLI/status/2067808467205918962?s=20Li- https://www.linkedin.com/feed/update/urn:li:activity:7473574831364468737Photo – https://mma.prnewswire.com/media/2997652/Canara_HSBC.jpgLogo – https://mma.prnewswire.com/media/2739906/6008480/Canara_HSBC_Logo.jpg

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Harper Collins Publishers India is Delighted to Announce the Recent Publication of ‘People We Love’ by Preeti Shenoy

NEW DELHI, June 19, 2026 /PRNewswire/ — HarperCollins Publishers India is delighted to share the recent publication of People We Love by bestselling author Preeti Shenoy. At once tender and sharp, this collection of stories offers intimate, truthful and relatable portraits of the people we cherish, the ones we lose, and the people we become.

ABOUT THE BOOKThe people we love never truly leave our story…In these tender yet piercing stories, Preeti Shenoy returns to some of her most beloved characters to reveal who they were before they appeared in her bestselling novels It’s All in the Planets and The One You Cannot Have.Aniket, a coder, carries the weight of a longing for Trisha that he cannot bring himself to act on. Nidhi abandons her corporate life to teach pottery, only to discover that clay is far more forgiving than the people she loves. A quiz competition sparks an unlikely romance between Aman and Shruti, one that must withstand parental disapproval and class divides. And Anjali, a journalist, is so busy chasing stories that she almost misses the one unfolding in her own life.Set against the pulse of contemporary India, People We Love explores the tug-of-war between duty and desire, family and freedom, who we are and who we dare to be. Intimate and deeply felt, these are stories about love that stays, leaves and almost slips away … love that quietly and irrevocably shapes the people we become.Preeti Shenoy, author, says, “People We Love is a collection of three long stories, prequels to my bestsellers It’s All in the Planets and The One You Cannot Have. If you have read those books, you already know how these characters’ stories unfold. But what you don’t know yet is where it all began, the loves they carried, the choices they made, and the people they were before life shaped them into who you met on those pages. Writing these prequels felt like returning to a home I hadn’t realised I missed, and discovering rooms I had never been in before.”Rashmi Menon, Associate Publisher – HarperCollins India, adds, “Preeti Shenoy has an extraordinary gift for finding the heartbeat of ordinary lives. People We Love is a warm, wise and deeply humane collection of short stories that reunites readers with favourite characters from her bestselling novels It’s All in the Planets and The One You Cannot Have, weaving them into fresh, deeply satisfying narratives. These characters feel like people you know, and their journeys will move, comfort and surprise you. This uplifting, thought–provoking collection reminds us why we turn to stories in the first place. We couldn’t be more excited to share it with our readers.”ABOUT THE AUTHOR Preeti Shenoy is among the highest-selling authors in India. She was featured on the Forbes longlist of the most influential celebrities in India. Her books include When Love Came Calling, Wake Up Life, Is Calling, Life Is What You Make It, The Rule Breakers, A Hundred Little Flames, It’s All in the Planets, Why We Love the Way We Do, The Secret Wish List, The One You Cannot Have and many others. Her work has been translated into many Indian languages. Preeti is also a motivational speaker, an avid fitness enthusiast, and an artist specializing in portraiture and illustrated journalling. Preeti lives in Bengaluru, Karnataka.ABOUT HARPERCOLLINS PUBLISHERS INDIAAt HarperCollins Publishers India, we believe in telling the best stories and ensuring they reach the widest readership. We publish around 250 new books every year across 10 imprints, adding to a diverse catalogue of more than 3,000 titles in print and digital formats, with an array of genres and voices that ensure there is a book for every reader. Our authors have won some of the most prestigious literary awards, and we are proud to publish many acclaimed writers, alongside new and emerging voices shaping contemporary literature. We are also the publishers of The White Tiger by Aravind Adiga, winner of the Booker Prize 2008, and Girl in White Cotton by Avni Doshi, shortlisted for the Booker Prize in 2020, and HarperCollins India itself has been awarded “Publisher of the Year” several times. In addition, we represent some of the finest global publishers such as Harvard University Press, Lonely Planet, Oneworld, Nosy Crow, Usborne, and National Geographic Children, bringing Indian readers access to world-class books and ideas. We are also proud to be certified as a Great Place to Work for two consecutive years, a recognition of our culture, people, and values that make HarperCollins India a truly inspiring workplace. PRESS CONTACT:Nandini Tripathi, Manager – Marketing (Commercial)Email: nandini.tripathi@harpercollins.co.in | Mobile: +91 9718928839Photo: https://mma.prnewswire.com/media/2997583/HarperCollins_People_We_Love.jpgLogo: https://mma.prnewswire.com/media/2105077/4665143/HarperCollins_Logo.jpg 

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