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Flipkart CEO Binny Bansal resigns over allegations of personal misconduct

Bansal, who had stayed with the retailer with his other co-founder Sachin Bansal, is expected to leave the company with immediate effect.

India TV Business Desk India TV Business Desk
New Delhi Updated on: November 13, 2018 18:06 IST
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Flipkart CEO Binny Bansal resigns

Flipkart’s co-founder and group CEO Binny Bansal on Tuesday resigned from his post, over allegations of serious personal misconduct, news agency PTI reported. The announcement was made by Walmart, less than six months after it acquired majority ownership with the retailer.

Bansal, who co-founded India’s biggest online retailer Flipkart,  had strongly denied the allegations against him, said Walmart in a statement.

"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," the statement said.

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough,” it added.

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