Flipkart CEO Binny Bansal resigns amid sexual misconduct allegation

The process revealed ‘lapses in judgement’ that troubled the parent company’s leadership.

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A corporate has been pulled into the #MeToo storm, this time Flipkart co-founder Binny Bansal has resigned amid allegations of sexual assault. An independent probe is looking into the allegations.

According to Economic Times, Bansal has denied any wrongdoing. “The investigators didn’t find any evidence of assault. The process revealed ‘lapses in judgement’ that troubled the parent company’s leadership,” said Bansal

Bansal became a national icon when Walmart bought Flipkart. The parent company decided to go ahead with the probe even though the complainant had left its acquisition. Quartz states that “Binny Bansal’s resignation follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct.”

In an email to Flipkart employees on November 13, Bansal said, “the allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgement, particularly a lack of transparency, related to how I responded to the situation. These have been challenging times for my family and me. I am concerned that this may become a distraction for the company and the team. In light of these circumstances, I feel it is best to step down as chairman and group CEO.”

Flipkart was founded in 2007 and in May this year, the US-based Walmart bought 77 per cent stake in Flipkart for Rs1 lakh crore.

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The process revealed ‘lapses in judgement’ that troubled the parent company’s leadership.
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The Policy Times
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