Binny Bansal quits: This is why Flipkart CEO resigned; 8 points to note

ZeeBiz WebTeam | Nov 13, 2018, 11:15 PM IST

To the surprise of the corporate world, tech savvy billionaire and one of the biggest success stories to emerge from the new India economy, e-commerce major Flipkart co-founder Binny Bansal has quit as group chief executive officer over allegations of "serious personal misconduct". This was revealed by new owner of Flipkart, Walmart Inc on Tuesday. Bansal, 37, has denied any wrongdoing, Walmart said in a statement. Bansal had co-founded Flipkart with his IIT-Delhi batchmate Sachin Bansal in 2007. Sachin quit following Flipkart's USD 16-billion acquisition by US retail giant Walmart in May, 2018. Here are 10 power points to note about why Flipkart CEO Binny Bansal resigned from Flipkart:

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Walmart has not provided details of the nature of misconduct or the findings of the probe for which it had engaged a global law firm. The matter is in "personal realm," sources told PTI. Image source: Reuters

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Reuters reported that one person familiar with the matter said that "in late July, between (the) time of announcement (of Walmart`s purchase of Flipkart) and closure an allegation came to us. It was a claim of sexual assault against Binny." Image source: PTI

 

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The complainant was associated with Flipkart a few years ago and is now running her own venture. Image source: IANS

 

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Sources said the allegations were made in July, but do not involve an employee of Flipkart. Image source: Twitter

 

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"The allegations left me stunned," said Binny Bansal. Image source: Reuters

 

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No conclusive evidence against Binny Bansal could be established. Image source: IANS

 

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"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," Walmart said in its statement. Image source: Twitter

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Walmart said the events surrounding the allegations had "risked becoming a distraction", prompting Bansal's decision to step down. Image source: Flipkart