&nbsp;Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday.&nbsp;

GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.&nbsp; As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees.&nbsp;

Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures.&nbsp;The company's investors were informed of the major errors in its financial reporting recently.&nbsp;

A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.”&nbsp;

The remaining staff will work without pay for the next three months, said the automobile after-sales service startup.&nbsp;

Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop.&nbsp; A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting.&nbsp;

GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories.&nbsp;It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa.&nbsp;

Now to survive, the startup needs to raise money, with about a third of its debts due soon.&nbsp;

WATCH WION LIVE HERE: 

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Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports.

Amit Bhasin, the co-founder of startup GoMechanic , admitted to financial reporting errors on Wednesday. GoMechanic manipulated its financial records by exaggerating revenues after it secured a massive $42 million in funding two years ago, according to media reports. As a result, investors ordered a forensic audit and a business restructuring that will result in the firing of 70 per cent of the company's 1,000 or so employees. Leading investors in the startup include Sequoia Capital, Tiger Global, Orios Venture Partners, and Chiratae Ventures. The company's investors were informed of the major errors in its financial reporting recently. A statement by investors read, "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to inflation of revenue, which the founders have acknowledged.” The remaining staff will work without pay for the next three months, said the automobile after-sales service startup. Bhasin claimed in a post on LinkedIn that founders got "carried away" in their pursuit of opportunities to develop. A forensic audit of the company's books has been ordered to determine the extent of the financial misreporting. GoMechanic is a business that connects car owners with local auto repair shops. On its website, it also offers original spare parts and car accessories. It was started in 2016 by Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa. Now to survive, the startup needs to raise money, with about a third of its debts due soon. WATCH WION LIVE HERE:

GoMechanic founder admits to cooking books, lays off 70% of its staff 

A Democratic-led House committee has obtained access to six years of Donald Trump's federal tax returns, ending a years-long pursuit. Watch this video to know more.

IRS releases Donald Trump's tax records to House Committee

The US Supreme Court put a new New York grand jury on the brink of getting eight years of Donald Trump’s tax returns and other financial records, ending months of delay by rejecting his bid to keep the information private.

The decision, the second time the Apex court has weighed in on the matter, was announced in an order with no noted dissents. The news further imperils the ex-president, who is facing investigations in New York and elsewhere.

The development is a brutal defeat for the former president. Trump has dismissed the Manhattan prosecutors' investigation as a political "witch hunt" and has fought all the way to the high court to keep his tax returns under wraps.

Because of the secrecy of grand jury proceedings, the decision does not mean Trump's financial records will become public.

Trump has been waging a protracted legal battle to prevent his tax records from being handed over to Manhattan District Attorney Cyrus Vance.

(With inputs from agencies)

The US Supreme Court put a new New York grand jury on the brink of getting eight years of Donald Trump’s tax returns and other financial records, ending months of delay by rejecting his bid to keep the information private.

The US Supreme Court put a new New York grand jury on the brink of getting eight years of Donald Trump’s tax returns and other financial records, ending months of delay by rejecting his bid to keep the information private. The decision, the second time the Apex court has weighed in on the matter, was announced in an order with no noted dissents. The news further imperils the ex-president, who is facing investigations in New York and elsewhere. The development is a brutal defeat for the former president. Trump has dismissed the Manhattan prosecutors' investigation as a political "witch hunt" and has fought all the way to the high court to keep his tax returns under wraps. Because of the secrecy of grand jury proceedings, the decision does not mean Trump's financial records will become public. Trump has been waging a protracted legal battle to prevent his tax records from being handed over to Manhattan District Attorney Cyrus Vance. (With inputs from agencies)

US Supreme Court denies Donald Trump’s bid to conceal financial records

US federal judge refused President Donald Trump's effort to block the release of his accounting records. Trump's lawayers slam probe as 'politically charged'. His accounting firm has been investigated in a criminal case.

Trump's tax return row: Trump re-appeals to court for help

The US Supreme Court on Friday agreed to hear President Donald Trump's appeals in three separate cases to prevent his financial records, including tax returns, being handed over to Democratic-led House of Representatives committees and a New York prosecutor.

The US Supreme Court on Friday agreed to hear President Donald Trump's appeals in three separate cases to prevent his financial records, including tax returns, being handed over to Democratic-led House of Representatives committees and a New York prosecutor. The Republican president is trying to block subpoenas for bank records, tax returns or other materials demanded by various Democratic-led House of Representatives committees investigating corruption or foreign meddling in the US elections process. The House probes are not part of the Democratic-led impeachment proceedings against Trump over his dealings with Ukraine. Manhattan District Attorney Cyrus Vance, a Democrat, is seeking Trump's tax returns in a criminal investigation of the president, the Trump Organization and his family real estate business. The court will hold oral arguments in March, with rulings due by the end of June. "We are pleased that the Supreme Court granted review of the President’s three pending cases. These cases raise significant constitutional issues," said Jay Sekulow, one of Trump's lawyers. Democratic leaders in the House expressed disappointment that the justices' decision to hear the cases will result in further delay. "Unfortunately, the American people will now have to wait several more months for final rulings," House Speaker Nancy Pelosi said in a statement. "We are confident that the Supreme Court ... will uphold the Constitution, the rulings of the lower courts and ensure that Congressional oversight can proceed." A spokesman for Vance declined to comment. The cases are a test for how the justices view Trump's arguments that the subpoenas are a threat to the presidency, on the one hand, and the need for lawmakers or prosecutors for information to pursue legislation or criminal investigations on the other. The court has a 5-4 conservative majority including two Trump appointees, Justices Neil Gorsuch and Brett Kavanaugh. The justices' decision to review the legality of the subpoenas investigating Trump's conduct adds another politically-contentious issue to a court term that already includes high-profile cases on abortion, LGBT worker rights, gun rights and the fate of "dreamer" immigrants brought illegally to the United States as children. One of the Trump cases is his appeal of a lower court ruling allowing a New York grand jury to subpoena his accounting firm Mazars LLP for his records. Trump's attorneys said prosecutors could be encouraged to investigate a president to advance their careers or score political points if that subpoena is enforced. Another case concerns a lower court decision in Washington that endorsed subpoenas issued by the Democratic-led House Oversight Committee to Mazars. Trump's lawyers say there was no legislative purpose for the subpoenas and that the aim was merely to dig for dirt on the president. In the third case, the justices will review a lower court ruling allowing the enforcement of separate House committee subpoenas targeting Trump-related financial records from Deutsche Bank AG and Capital One Financial Corp. The court on Friday extended its hold on the lower court ruling, which it had temporarily blocked last week. The lower court rulings in the congressional cases, if left intact, would bring House Democrats closer to getting some of the details about Trump's business interests. That outcome would also amount to a major blow for the president, who, unlike past presidents, has refused to publicly disclose his tax returns. Legal experts say the justices often hear cases when the president asks them to, but that does not mean Trump will ultimately prevail.

US Supreme Court takes up Trump bid to shield financial records

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