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.