Shark Tank India: J&K startup founders sued days after securing deal on TV show. Here's what happened

Shark Tank India: Lenskart CEO Peyush Bansal and boAt co-founder Aman Gupta put in ₹30 lakh for 4% of the equity in the startup Tramboo Sports.

Published on: Feb 7, 2024, 14:57:09 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

A cricket bat manufacturing startup from Jammu and Kashmir has run into legal trouble days after it secured a deal on reality TV show Shark Tank India Season 3. The Cricket Bat Manufacturers Association of Kashmir (CBMAK) has sued Tramboo Sports, led by two youngsters Hamad Tramboo and Saad Tramboo, as well as the broadcaster Sony Pictures Networks.

In the episode aired on January 30, the youngsters had secured a deal from Lenskart chief executive officer Peyush Bansal and boAt co-founder Aman Gupta, who had put in ₹30 lakh for four per cent of the equity in the startup.

Lenskart CEO Peyush Bansal and boAt co-founder Aman Gupta with founders of Tramboo Sports. (X/Tramboo Sports)

Why has cricket bat manufacturers' body initiated legal proceedings?

A delegation of the cricket bat manufacturers' body has refuted Tramboo Sports' claims of being the sole manufacturer of Kashmir willow cricket bats. While speaking to a J&K-based website kashmirdotcom, the members of the delegation alleged that the startup owners misled the public and caused major harm to the association members' business.

ALSO READ: Is Shark Tank 3 ‘scripted’ or are deals actually struck? Anupam Mittal answers

The association members said that the claims made by Tramboo Sports misled the public and buyers, and also tarnished the image of the indigenous Kashmir willow cricket bat manufacturing industry.

The association has sent a detailed legal notice to both Sony Pictures and Tramboo Sports, seeking an on-air apology within 15 days. It has also sought compensation worth ₹100 crore for the ‘damages, loss and mental agony’ suffered by the body.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.