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| Flipkart boss resigns after misconduct investigation | Flipkart boss resigns after misconduct investigation |
| (35 minutes later) | |
| Binny Bansal, chief executive of India's biggest online retailer, Flipkart, has resigned following an investigation into personal misconduct. | Binny Bansal, chief executive of India's biggest online retailer, Flipkart, has resigned following an investigation into personal misconduct. |
| Flipkart and its owner, Walmart, launched the investigation after a complaint of "serious personal misconduct" was made against Mr Bansal. | Flipkart and its owner, Walmart, launched the investigation after a complaint of "serious personal misconduct" was made against Mr Bansal. |
| The inquiry did not find evidence to back up the allegation, but did "reveal other lapses in judgement". | The inquiry did not find evidence to back up the allegation, but did "reveal other lapses in judgement". |
| Walmart paid $16bn (£12.3bn) earlier this year to take control of Flipkart. | Walmart paid $16bn (£12.3bn) earlier this year to take control of Flipkart. |
| Mr Bansal had "strongly denied" the allegation made against him, but the companies did not give any further details about what the allegation was. | |
| However, in a combined statement, they said that Mr Bansal had shown "a lack of transparency" in his response to the situation. | |
| Mr Bansal co-founded Flipkart in 2007 with Sachin Bansal who, despite sharing the same surname, is not related. | |
| Sachin Bansal left the company shortly after the deal with Walmart. | |
| The companies said that Binny Bansal had been considering leaving as well: "Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated." | |
| Their statement added: "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." | |
| Kalyan Krishnamurthy takes over as chief executive. |