Subhiksha's founder and Managing Director R Subramanian, while refuting the allegations of ICICI Venture, said his company hasn't received any resignations from the nominees of ICICI even though the private equity firm claimed it had withdrawn its nominees.

"As far as the position in law is concerned, the two ICICI Venture nominee directors are very much on the board,''  he said in a written statement.

He questioned as to how could ICICI Venture ask the Registrar of Companies (RoC) for an independent audit of a company which it controls and the audit committee has the right to appoint the statutory auditor.