Flipkart CEO Binny Bansal Resigns Due To Investigation

Flipkart Group CEO Binny Bansal resigns with immediate effect

Bansal has denied the allegations, but his resignation is confirmed. "This has been an unfortunate and challenging situation for Binny, his family and Flipkart", the e-commerce provider said in a separate internal note. Flipkart was a David in the world of e-commerce that would give a run to Goliaths like Amazon and Google.

Flipkart Group CEO Binny Bansal has resigned following "an allegation of serious personal misconduct", according to a press release.

"The allegations left me stunned and I strongly deny them".

Bansal added that these events relate to a claim of serious personal misconduct made against him, "which was uncorroborated after a thorough investigation completed by an independent law firm".

While Walmart did not specify the exact nature of the charges against Bansal, a top source told Moneycontrol that the development is related to a complaint from a female colleague a few months ago. This was later corroborated by other sources close to the company. The company accepted Mr Bansal's resignation, which takes effect immediately, the statement noted.

"The investigation could not corroborate the allegation". It isn't clear if Bansal will continue to be a shareholder.

Brexit talks are now in the endgame, assures PM May
In her speech on Monday evening, Mrs May said: "The negotiations for our departure are now in the endgame". This week new issues have emerged over the backstop. "But we need to prepare for all options", he stated.

Heavy rain Tuesday, more rain Thursday and Friday with some snow possible
Wednesday night , showers will increase over eastern portions of the area as lows drop down into the middle to lower 30's. Thursday night into Friday morning, showers will clear our region, and clouds will slowly begin to break.

Will Smith’s son Jaden Smith dating Tyler The Creator?
Jaden has said in the past that he considers himself 'gender fluid, ' but he has never opening discussed his sexuality before. Tyler caught wind of the claim and responded hours later, neither confirming or denying Smith's allegations.

Email queries sent to Bansal, Walmart and Flipkart seeking further details did not elicit an immediate response.

Cut to 2018, Sachin and Binny, the unrelated Bansals are no more at the top spot of the company that they founded. Following is the statement released by Walmart on Bansal's exit. Kalyan became the CEO of Flipkart in January past year, mandated to turn around the company's fate against rival Amazon. Binny, meanwhile, has spoken to the Economic Times. "Flipkart badly needs "customer-driven mindset like Amazon" and "cost-driven execution like Walmart".

Its divisions include Flipkart, Myntra, Jabong and payments app PhonePe.

The next CEO, Kalyan Krishnamurthy, however has been reported to be a change-maker, ever since Sachin Bansal's big transformation exercise flopped in 2015.

His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. The probe did not find evidence that suggested otherwise but found sufficient reasons linking to other inefficacies. But Walmart expressed confidence in the leadership structure and says the transition was in the works for some time. Both Krishnamurthy and Nigam will report directly into the board.

Related News:

Most liked

Jose Mourinho has to match City spending, says Bryan Robson
Goals from David Silva, Sergio Aguero and Ilkay Gundogan saw City extend their lead over United to 12 points from just 12 games. The Serbian retired from playing almost three years ago, revealed that he would love to succeed Mourinho in the hot seat.

CNN sues Trump amid row over reporter Jim Acosta
During their verbal altercation on Wednesday, Trump called Acosta a "terrible person". CNN said the move was done "in retaliation for his (Acosta's) challenging questions".

Alonso and McLaren returning to Indy in 2019
McLaren CEO Zak Brown added: " We are relishing our return to the Brickyard and this incredible race ". They are set to return to the race, which is the 103rd running of the Indy 500, as McLaren Racing .

Sam Donaldson says CNN suing White House over Jim Acosta suspension
But that would make them look like they're at war with the president, just as he always says they are. President Trump has given the press more access than any President in history.

Apple shares drop on iPhone suppliers' warnings, Companies & Markets News & Top Stories
On the other hand, Longbow says that Apple is increasing orders for the iPhone 8 , iPhone 8 Plus and some other older models. Speculation from news organizations like Reuters are reporting that the company to which Lumentum is referring to is Apple.

QB Nathan Peterman released by Bills
When Allen injured his elbow during an October 14 game at Houston, Peterman replaced him and threw the go-ahead touchdown pass. He completed just over 52 percent of his passes with three touchdowns and 12 interceptions with a passer rating of 32.5.

Bollywood actress Rakhi Sawant rushed to hospital as stunt goes wrong
It may be mentioned that the Great Khali has instituted the Continental Wrestling Entertainment ( CWE ) in Jalandhar, Punjab. Sawant acted as if she could barely stand in the ring afterward before being helped to the backstage area.

Mel B accuses 'sick, dangerous' person of slashing her vehicle tyres
Yesterday she was announced the victor of the Fashion Icon People's Choice Award and appeared on stage to collect her accolade. Not that Beckham didn't give a nod to the girl group that made her famous as "Posh Spice ".

Lorde calls out Kanye for stealing her stage set
Lorde clearly didn't give Kanye West and Kid Cudi the green light to use a similar stage design to her 2017 Coachella set. West tweeted about the performance on Monday, though he didn't reference Lorde's criticisms.

19 things you can do to help California wildfire victims right now
Butte County Sheriff Kory Honea told reporters that identifying human remains in the fire's aftermath would be "very difficult". The 42 dead in Northern California surpassed the deadliest single fire on record, a 1933 blaze in Griffith Park in Los Angeles.

Democrat Krysten Sinema Closes In On Senate Win
According to LGBT+ rights organization Human Rights Campaign, Sinema is the country's first openly bisexual Senator. Jeff Flake, a critic of the President's incendiary rhetoric. "She wanted McSally to pay for Trump", Lah explained.

Death toll from DR Congo Ebola outbreak passes 200
Ebola is named after the DR Congo's Ebola River, near which the virus was discovered by a team of Professor Peter Piot in 1976. He said no other epidemic has been as complex.

Woman warned about 'sparks' from power lines day before deadly wildfire
Robin Thicke and April Love Geary's house burned down over the weekend, shortly after they were evacuated from the property. A fire truck stands by as the Camp Fire burns in the hills on November 11, 2018 near Big Bend, California .

Singapore calls for closer SE Asia ties, Pence backs Trump
Meanwhile, US Vice President Mike Pence said that US President Donald Trump's absence at the summits was not a snub. The agreement was signed after nine rounds of negotiations involving representatives of 10 ASEAN member countries.

High Schoolers Appear to Give Nazi Salute in Prom Photo
Auschwitz with its gas chambers was at the very end of the long process of normalizing and accommodating hatred", the tweet said. One student, Jordan Blue, who was in the photo but did not make any racist gesture , is distancing himself from the controversy.