Flipkart Group CEO Binny Bansal quits over 'serious personal misconduct' charges

Agencies
November 13, 2018

New Delhi, Nov 13: Flipkart Group CEO and co-founder Binny Bansal Tuesday resigned following a probe into an alleged "serious personal misconduct", the firm's new parent Walmart said.

Bansal, 37, has strongly denied the allegation, the American retail giant said in a statement.

His decision to step down follows an independent investigation done on behalf of Flipkart and Walmart, even though the probe "did not find evidence to corroborate the complainant's assertions against Binny", it said.

While the statement did not provide details of the "personal misconduct" allegations against Bansal, sources indicated that the complainant was associated with Flipkart a few years ago and is now running her own venture.

This, however, could not be independently ascertained.

The statement pointed out that the "deliberate and thorough" investigation "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".

Bansal's resignation as the CEO of Flipkart Group is with immediate effect. He was serving as the Group CEO after Walmart's mega USD 16 billion investment in the Bengaluru-based company.

Sachin Bansal, the other co-founder (not related to Binny), had left Flipkart after selling his entire 5.5 per cent stake to Walmart as part of the deal.

Walmart's statement said the recent events "risked becoming a distraction for the company" and Binny had made a decision to step down.

The statement pointed out that Binny had been contemplating a transition for some time and that the company (Walmart) had been working together on a succession plan, which has now been accelerated.

Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business, the statement said.

Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Krishnamurthy. Sameer Nigam will continue to head PhonePe -- Flipkart's payments unit -- as CEO.

Both Krishnamurthy and Nigam will report directly to the board, Walmart said.

"We remain committed to investing for the long-term and are supportive of the leadership team's desire to evolve into a publicly-traded company in the future," it added.

In an internal email, Krishnamurthy sought to assuage employee concerns stating that "there will be no changes in our operating processes, or to the mission of the company as a result of this news".

"Flipkart will continue to invest heavily in supply chain, innovation and technology, with a focus on optimising operations, and empowering employees... For Flipkart to keep succeeding, it is crucial for our teams to thrive, and we will continue to do everything possible to ensure you are given the opportunity to do just that," he added.

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News Network
March 21,2024

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Israeli military siege, hunger, and diseases will soon become the main killer in Gaza, says commissioner- general of the UN Relief and Works Agency (UNRWA).

Philippe Lazzarini, who heads the UNRWA for Palestine Refugees in the Near East, took to X on Wednesday to vent his concern for the growing hunger and spread of diseases as a result of the Israeli siege on the besieged strip.

He said starvation and illness may soon be the main killer in Gaza.

"This fabricated and catastrophic level of hunger can still be reversed by flooding Gaza with food and life-saving assistance," Lazzarini said.

"More than ever humanity requires political will,” the UNRWA chief added.

In a press release on March 19, UNRWA said that “famine is imminent in the Gaza Strip, especially for isolated populations in northern Gaza deprived of humanitarian aid.”

The statement noted that the Integrated Food Security Phase Classification (IPC), in a latest food security outlook, concluded that up to 1.1 million people in Gaza are facing catastrophic levels of food insecurity.

“Nutrition screenings conducted in February by UNICEF and UNRWA show that rates of acute malnutrition among children in northern Gaza and Rafah have nearly doubled since January,” it said.

The Israeli regime has accused UNRWA staff of being involved in the October 7 attack by the Palestinian resistance movement Hamas against the occupied territories, prompting a number of its western allies to suspend funding for the UN agency.

On Wednesday, an agreement was reached by US congressional leaders and the White House on a massive funding bill will continue a ban on US funding for UNRWA until March 2025, Reuters reported.

Earlier this year the US, Canada, Australia, Britain, Germany, Italy, the Netherlands, Switzerland, Finland, Estonia, Japan, Austria and Romania  decided to cut their funding to the UNRWA, considered a lifeline for the Palestinians in Gaza.

France had also announced that it does not plan a new payment to fund UNRWA in the first quarter of 2024.

Condemning the suspension of funding, Lazzarini had said, “It would be immensely irresponsible to sanction an agency and an entire community…, especially at a time of war, displacement and political crises in the region.”

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News Network
March 27,2024

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New Delhi, Mar 27: The government has objected strongly to remarks by a US State Department spokesperson on Delhi Chief Minister Arvind Kejriwal's arrest last week in connection with the alleged liquor policy scam.

The External Affairs Ministry summoned Gloria Berbena, the US' Acting Deputy Chief of Mission, to a 40-minute meet at its office in Delhi on Wednesday afternoon. In a brief statement released shortly afterwards, the MEA warned of "unhealthy precedents and against "unwarranted aspersions".

"States are expected to be respectful of the sovereignty and internal affairs of others, and this responsibility is even more so in case of fellow democracies. It could otherwise end up setting unhealthy precedents," the External Affairs Ministry said.

"India's legal processes are based on an independent judiciary which is committed to objective and timely outcomes. Casting aspersions on that is unwarranted," the statement stressed.

On Tuesday the US State Department said it is monitoring reports of Mr Kejriwal's arrest, and called on New Delhi to ensure "a fair and timely legal process" for the jailed Aam Aadmi Party leader.

The US State Department's comments came, in turn, days after Germany's Foreign Office stressed that Mr Kejriwal, like any other Indian citizen facing charges, is entitled to a fair and impartial trial.

The Indian government reacted strongly to the comment, summoning the German envoy and labelling the Foreign Office spokesperson's remark "blatant interference in internal matters".

"We see such remarks as interfering in our judicial process and undermining the independence of our judiciary," the External Affairs Ministry said, "Biased assumptions are most unwarranted."

Asked about India's protest to Germany, the State Department spokesperson told Reuters, "We refer you to the German Foreign Ministry for comment on their discussions with the Indian government."

Earlier this month the Modi government also took exception to comments by its counterpart on the changes to the citizenship law, calling them out as "misplaced, misinformed, and unwarranted".

Arvind Kejriwal was arrested by the Enforcement Directorate last week in connection with the alleged liquor policy scam that has roiled his AAP and provoked furious protests from the opposition ahead of the 2024 Lok Sabha election. Mr Kejriwal was this week sent to jail till March 28.

The Enforcement Directorate believes the now-scrapped liquor policy provided an impossibly high profit margin of 185 per cent for retailers and 12 per cent for wholesalers. Of the latter, six per cent - over ₹ 600 crore - were bribes and the money was allegedly used to fund the AAP's poll campaigns.

The ED has labelled the Chief Minister as a key conspirator in this case, but Mr Kejriwal and party colleagues arrested in this matter - ex-Deputy Chief Minister Manish Sisodia, Rajya Sabha MP Sanjay Singh, and former Health Minister Satyendar Jain - have all denied the charges.

The AAP and the opposition have hit out at the BJP-led central government for using central agencies, like the ED, to target rivals and critics before the general election. The AAP has criticised Mr Kejriwal's arrest on grounds it was timed to interfere with his plans to campaign for the party.

The BJP has dismissed claims it uses central agencies as described by the opposition.

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News Network
March 27,2024

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Bengaluru: Darshan Babu is an engineer who is fond of betting on cricket matches and has been placing major bets on Indian Premier League (IPL) games since 2021. He often borrows money after losing a bet, or to place one when he is short on funds. His 23-year-old wife, tired of the constant harassment by creditors, died by suicide.

Ranjitha was found hanging at her home in Karnataka's Chitradurga on March 18. According to the family, Darshan had racked up a debt of over Rs 1 crore.

He worked as an assistant engineer in the Minor Irrigation Department at Hosadurga and had been ensnared in the realm of IPL betting from 2021 to 2023. This took a major toll on the couple's finances. Allegedly, he had borrowed over Rs 1.5 crore to place bets after his luck ran out and he lost all his money. While he managed to return Rs 1 crore, cops say that he still has a pending loan of ₹ 84 lakh.

Ranjitha married Darshan in 2020. She realised the truth about Darshan's involvement in betting in 2021, claims her father Venkatesh.

In his complaint, Venkatesh said that his daughter was extremely distressed due to the constant harassment by moneylenders and this led to her suicide. He has also named 13 men who had allegedly lent the money.

He said that his son-in-law was lured into betting with a promise of quick money.

"He (Darshan) was not willing to get into betting, but the suspects forced him saying it was an easy way to get rich. They promised to finance his betting activities against some blank cheques as security," he said.

Cops during their investigation found a suicide note, where she detailed the harassment they faced. Darshan and Ranjitha have a two-year-old son.

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