NEW DELHI/BENGALURU: SoftBank , the largest shareholder in Snapdeal , held boardroom discussions on the proposed sale of the online marketplace to rival Flipkart on Tuesday according to two people aware of people aware of the development.According to the terms proposed by the Japanese media and telecom conglomerate, Snapdeal shareholders will get one share of the country's largest ecommerce company for every ten they own according to the people cited above.Early investors in Snapdeal - Kalaari Capital and Nexus Venture Partners - have also asked for about $100 million each from the sale, the sources said. The proposed sale could see SoftBank pick up a 20% stake in India's largest commerce company for about $1.5 billion, in the process buying out $500 million to $1 billion worth of Tiger Global's holding in Flipkart, according to two people aware of the matter.Alibaba-backed Paytm E-commerce has also discussed a potential acquisition of Snapdeal, but the valuation offered by it was much lower than Flipkart, added another source.The deal, if completed, will mark the biggest acquisition in Indian ecommerce and also redefine the contours of online retail market where America's Amazon and China's Alibaba are also prime contenders."A final decision on the sale is yet to be taken," the person said. The board meeting on Tuesday signals easing of tensions among Snapdeal's early investors, Kalaari Capital and Nexus Venture Partners, and it's largest backer Softbank, said one of the sources mentioned above.When contacted by ET, Snapdeal spokespersons denied that any decision had been taken by the board. SoftBank, Flipkart, Kalaari Capital and Nexus Venture Partners did not reply to email queries sent late on Tuesday evening.Separately, Vani Kola, managing director of Kalaari Capital, also refuted media reports that she had resigned from the Snapdeal Board.In a statement sent to ET late Tuesday evening, Kola said, "I am personally distressed by the recent distortions of facts and the leaks that provide self-serving partial information. This is detrimental to the growth ofIndian ecosystem. Board confidentiality is an oath that deserves to be observed. I still remain on the Snapdeal board, and will serve the company to the best of my abilities. I have tremendous respect for members of the Snapdeal board."Softbank, which holds a dominant 33% stake in the New Delhi ­ based Snapdeal mooted the plan at a meeting in the city attended by all the major stakeholders in the company. Kalaari Capital and Nexus Venture Partners own about 8% and 10% respectively in the company founded by Kunal Bahl and Rohit Bansal.The two co-founders together own about 6.5% of the company, which at its peak, was valued at about $6.5 billion. Kalaari, which has invested about $27.5 million in Jasper, earned handsome returns estimated at about $100 million when it sold a portion of its stake to SoftBank in late 2014. Nexus Venture Partners, which has invested $40 million-$50 million in the company, has not sold any of its stake.Governance rights for SoftBank have also been discussed as part of the deal. The decision to offload Snapdeal from its books is possibly due to a combination of a change in its investment strategy aimed at consolidating its investments in India.