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Flipkart Group ‘CEO Binny Bansal’ Resigns



Flipkart co-founder Binny Bansal has resigned as the company’s group CEO, following an internal investigation conducted by both Flipkart and its parent firm, Walmart, into an allegation of “serious personal misconduct,” the two companies said in a joint statement.

Bansal, 37, has strongly denied the allegations, the company said in a statement. Bansal and his representatives could not be reached for comment.

“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,” the company said.

“Because of this, we have accepted his decision to resign.”

The investigation into Bansal that led to his resignation stemmed from an allegation of sexual assault that dates back a few years, a person familiar with the matter told Reuters.

“The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part.”

Walmart earlier this year agree to pay $16 billion for a roughly 77 percent stake in the Indian e-commerce firm, Amazon’s main rival for India’s 1.3 billion consumers.