India, April 23 -- While the Indian startup ecosystem was grappling with the fallout from the corporate governance lapses at the likes of GoMechanic, Mojocare, and BharatPe, another storm was quietly brewing at Medikabazaar, one of India's largest B2B medical supplies startups.

There were no telltale signs at first. No public battles. No dramatic exits. But behind the scenes, tensions were brewing.

What started with an anonymous whistleblower complaint alleging financial irregularities soon escalated into a full-blown boardroom battle, resulting in the firing of Medikabazaar founder and CEO Vivek Tiwari.

In August last year, the former CEO also moved to the Delhi High Court against the startup and some of its investors. In a petition f...