Indian job board Info Edge subsidiary AllCheckDeals is initiating a forensic audit of 4B Networks.

4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps brokers conduct site visits and provide home loan related services to their clients.

AllCheckDeals has invested a total of INR 2.88 billion (USD 34.9 million), which comprises INR 2.76 billion in shares and INR 120 million (USD 1.4 million).

AllCheckDeals said it has sought information, including details and particulars of financial transactions, transactions with related parties and such other aspects from 4B Networks and its current management, on various occasions, all of which are required to be provided to the company contractually under the shareholders’ agreement and articles of association of 4B Networks.

However, 4B Networks has repeatedly failed to provide AllCheckDeals with this information and has also not responded to the information requests by the company on several occasions.

Due to the failure in communication, AllCheckDeals said it has exercised its contractual rights under the shareholders’ agreement and articles of association of 4B Networks to initiate a forensic audit into the affairs of 4B Networks. AllCheckDeals said it has appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor, who will be supported and assisted by Saraf and Partners Law Offices, legal advisors to the company.

Earlier this year, Info Edge announced the complete write-down of 4B Networks citing various factors including excessive cash burn, prevailing liquidity issues and significant uncertainty toward funding options.