Flipkart co-founder and Group CEO Binny Bansal has resigned after a probe reportedly found him guilty of serious personal misconduct, reported Reuters news agency.
In a regulatory filing on Tuesday, Walmart Inc said that Binny Bansal had resigned with immediate effect due to serious personal misconduct.
“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” NDTV quoted the Walmart statement. American giant Walmart Inc had bought 77% stake in Flipkart in May this year.
“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. Because of this, we have accepted his decision to resign,” said the statement from Walmart Inc.
The allegation against Binny was of sexual misconduct and it was made in July. He reportedly his employees in an email that the allegation left him stunned. He has strongly denied the allegations.
Flipkart, one of the great examples of India’s rise in start-up arena, was founded by Binny and his friend Sachin Bansal.
In August this year, Binny had revealed how he was twice rejected by Google before he went on to set up India’s most successful e-commerce company, Flipkart, with Sachin Bansal. Speaking at an event Binny said that between 2005 and 2006, he applied twice to Google for technology roles and was rejected both times.