Binny Bansal wont give up shares

Binny Bansal wont give up shares

With sexual misconducts leveled against him, Binny Bansal found himself in precarious waters as he deemed it fit to resign from the company he helped form.
He still will continue to hold shares in Flipkart, of which he is the co-founder.
Binny, who helmed Flipkart more than a decade ago is a large shareholder and shall also continue to to be a board Member of the company that Walmart recently took over.

On Tuesday,Walmart issued a statement saying Bansal had resigned as group chief executive officer following an independent probe into allegations of “serious personal misconduct”.

 Bansal was taken aback by these allegations and  has vehemently denied them.
“The allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation,” he said.

“For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he wrote in an email to employees.

The event, of which details are yet to be disclosed was apparently investigated in July.

Binny had co-founded Flipkart in 2007 with his IIT-Delhi batchmate Sachin Bansal. Sachin left the company following its USD 16-billion acquisition by US retail giant Walmart.
Binny continued to be the Chairman and Group CEO.



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