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| Version 2 | Version 3 |
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| Flipkart boss resigns after misconduct investigation | Flipkart boss resigns after misconduct investigation |
| (about 3 hours later) | |
| Binny Bansal, chief executive of India's biggest online retailer, Flipkart, has resigned following an investigation into his conduct. | Binny Bansal, chief executive of India's biggest online retailer, Flipkart, has resigned following an investigation into his conduct. |
| 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. |
| The companies did not give any further details about the allegation against Mr Bansal. | The companies did not give any further details about the allegation against Mr Bansal. |
| However, in a combined statement, they said he had shown "a lack of transparency" in his response to the situation. | However, in a combined statement, they said he had shown "a lack of transparency" in his response to the situation. |
| In an email to staff, seen by the BBC Mr Bansal said: "The allegations left me stunned and I strongly deny them. | In an email to staff, seen by the BBC Mr Bansal said: "The allegations left me stunned and I strongly deny them. |
| "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 away as chairman and group CEO." | "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 away as chairman and group CEO." |
| Transition time | Transition time |
| Mr Bansal co-founded Flipkart in 2007 with Sachin Bansal who, despite sharing the same surname, is not related. | Mr Bansal co-founded Flipkart in 2007 with Sachin Bansal who, despite sharing the same surname, is not related. |
| The firm, which sells everything from books to clothing and food, is now one of the biggest online retail players in India. | |
| This year, Walmart announced it would take a majority stake in the company, drawn by India's fast-growing e-commerce market, which is expected to grow from its current size of $35 billion to $100 billion by 2022. | |
| Goodbye to a backroom master mind | |
| Analysis by Sameer Hashmi | |
| Sachin Bansal and Binny Bansal are the poster boys of India's start-up dream. | |
| In a country dominated by traditional family businesses, they started Flipkart in a two-room apartment, building it into India's first billion-dollar online retail company. | |
| This year, the firm also became the country's most valuable start-up after Walmart acquired a controlling stake in Flipkart for $16bn. | |
| For years, Binny Bansal - who previously worked at Amazon - was always the backroom mastermind, running operations while Sachin served as its designated leader. | |
| But after becoming the chief executive of the company - Binny transformed from a "quiet" co-founder to the company's main face. | |
| His resignation will be a blow for Walmart, which is locked in an intense battle with rival Amazon to garner more market share in India's highly competitive consumer market. | |
| Sachin Bansal left the company shortly after the deal with Walmart. | 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." | 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." |
| Walmart has praised Flipkart's leadership, saying it believed local expertise would give it a competitive edge. | |
| The firm's statement said it remained "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, who now leads the firm's central e-commerce unit, will take over as chief executive. |