No Snapdeal sale to Flipkart for now as SoftBank fails to convince board

The Tokyo-based telecom and investment major holds the largest 33% stake in Snapdeal

SoftBank, which is trying to pull off the biggest consolidation in the Indian e-commerce ecosystem, again failed to convince the board of directors of Jasper Infotech Pvt Ltd, owner of Snapdeal, to sell the online marketplace to Flipkart. 

The Tokyo-based telecom and investment major holds the largest 33 per cent stake in Snapdeal.

According to three sources privy to the development, the meeting, which went on for more than three hours, was not able to reach a consensus as the board of directors, including Kunal Bahl and Rohit Bansal, did not agree to the terms of the deal.

While SoftBank