Connect with us

December 22, 2024 2:32 PM

Business

Flipkart Group CEO Binny Bansal resigns after misconduct probe, strongly denies allegation

Published

on

754011 binny bansal
Read Time: < 1 minute

The Chief Executive and co-founder of Walmart’s Indian venture Flipkart Group, Binny Bansal, has resigned following a probe into serious personal misconduct, Walmart Inc said in a regulatory filing on Tuesday.

Bansal has strongly denied the allegations, the company said in a statement. Bansal and his representatives could not be reached for comment.

“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation,” the company said.

“Because of this, we have accepted his decision to resign.”

Kalyan Krishnamurthy, who heads the company’s main Flipkart e-commerce operation, would now act as chief executive for a broader group of businesses including apparel websites Myntra and Jabong, the company said.

Walmart earlier this year agree to pay $16 billion for a roughly 77% stake in the Indian e-commerce firm, Amazon’s main rival for India’s 1.3 billion consumers.

  • It was the US retailer’s largest-ever deal and a major move in its efforts to oppose Amazon at home and abroad.

 

Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.

Bridging Points Media

loading...

Samachar Hub

Ukalodisha

Coupons Universe

Newsletter








































Which is the better movie Seabiscuit or Secretariat?
VoteResults