‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’

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• Binny Bansal, co-founder of the Indian e-commerce retailer, Flipkart, resigned on Tuesday following allegations of personal misconduct.
  
• That being said, Bansal has strongly denied allegations against him.
  
• The alleged misconduct involved a sexual harassment complaint dating back a few years, said media reports.

In his parting letter to Flipkart’s employees, Binny Bansal, strongly refuted all allegations of ‘misconduct’ which forced him to step down as the Chief Executive of the Flipkart Group.

Neither Binny Bansal nor Walmart, which acquired the Indian e-commerce retailer recently for $16 billion, stated the nature of the claim while announcing his abrupt resignation. But, according to a Reuters report, the alleged misconduct involved a sexual harassment complaint dating back a few years.

Although, the investigation by the company into the matter did not corroborate the allegations, ‘It did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation’ said a joint statement by Walmart-Flipkart. According to a Bloomberg report which cited people familiar with the matter, the investigation found Bansal had a ‘consensual affair’ with the complainant.

“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,” Bansal reportedly said in his letter to Flipkart employees.

That being said, Bansal also conveyed that he will continue to hold his shares in Flipkart.

Tiger Global executive, Kalyan Krishnamurthy, will continue as the CEO of Flipkart, which operates as a separate entity within the Flipkart Group. Krishnamurthy will also oversee the group’s online fashion portals Myntra and Jabong.

Flipkart, founded by Binny Bansal and Sachin Bansal in 2007, has been one of the most sought after and watched startup success stories in India. Sachin Bansal also parted ways with Flipkart earlier this year when Walmart bought 77% stake in the company.

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