Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.”&nbsp;

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read.

According to reports, Bansal had denied the allegations.

Meanwhile, a source familiar with the incident told Reuters that the allegations&nbsp;levelled against Bansal were of sexual misconduct.&nbsp;

"In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.

"The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part."

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In August, US-based retail giant Walmart Inc completed a deal with Flipkart, capturing 77 per cent stake in the Indian e-commerce major.

"With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said.

Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, "we are confident that together we can drive the next wave of retail in India".

37-year-old Bansal hails from Chandigarh Punjab and is an IIT Delhi alumnus. Bansal co-founded e-commerce platform Flipkart along with Sachin Bansal in the year 2007.&nbsp;

Binny Bansal served as Flipkart's chief operating officer until 11 January 2016 and was later stepped up as the CEO.&nbsp;

 
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Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing an allegation of "serious personal misconduct.” "His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read. According to reports, Bansal had denied the allegations. Meanwhile, a source familiar with the incident told Reuters that the allegations levelled against Bansal were of sexual misconduct. "In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. "The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part." Flipkart Group CEO Binny Bansal resigns after misconduct probe, reports Reuters pic.twitter.com/XB5kUTp5H2 — ANI (@ANI) November 13, 2018 × In August, US-based retail giant Walmart Inc completed a deal with Flipkart, capturing 77 per cent stake in the Indian e-commerce major. "With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said. Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, "we are confident that together we can drive the next wave of retail in India". 37-year-old Bansal hails from Chandigarh Punjab and is an IIT Delhi alumnus. Bansal co-founded e-commerce platform Flipkart along with Sachin Bansal in the year 2007. Binny Bansal served as Flipkart's chief operating officer until 11 January 2016 and was later stepped up as the CEO.

Flipkart CEO Binny Bansal has resigned after personal misconduct allegations: Walmart

Flipkart CEO <a href="http://www.wionews.com/business-economy/flipkart-ceo-binny-bansal-resigns-after-misconduct-probe-walmart-177091">Binny Bansal, who stepped down earlier today</a> over an allegation of "severe personal misconduct," said he will continue to remain a large shareholder and board member of the now Walmart-owned firm, news agency PTI reported.&nbsp;

"The allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation," he said.

Bansal said these have been "challenging times" for him and his family, and in light of these circumstances, he felt it was best to step away as chairman and Group CEO.

"I will continue to be a large shareholder in the company and will continue to serve as a member of the board of directors," he noted.

According to a PTI report, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business, a statement released by Flipkart said.&nbsp;

Krishnamurthy, currently chief executive of the Flipkart division, will report directly to the board, Walmart said.<iframe width="560" height="315" src="https://www.youtube.com/embed/hksZPfJuCYU" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

Flipkart said the succession plan has now been accelerated as Bansal had been "contemplating a transition for some time".

Sachin Bansal, the other co-founder (not related), had left Flipkart after selling his entire 5.5 per cent stake to Walmart as part of the deal.

Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Krishnamurthy. Sameer Nigam will continue to head PhonePe -- Flipkart's payments unit -- as CEO. Both Krishnamurthy and Nigam will report directly to the board, Walmart said.

"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," it added.

In an internal email, Krishnamurthy sought to assuage employee concerns stating that "there will be no changes in our operating processes, or to the mission of the company as a result of this news".

"Flipkart will continue to invest heavily in the supply chain, innovation, and technology, with a focus on optimising operations, and empowering employees... For Flipkart to keep succeeding, it is crucial for our teams to thrive, and we will continue to do everything possible to ensure you are given the opportunity to do just that," he added.

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

"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. Because of this, we have accepted his decision to resign," Walmart said in its statement.

Walmart said the events surrounding the allegations had "risked becoming a distraction", prompting Bansal's decision to step down. He had been appointed group CEO in January last year.

In a separate statement, Flipkart said: "This has been an unfortunate and challenging situation for Binny, his family and Flipkart."

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the <a href="http://www.wionews.com/business-economy/allegation-against-binny-bansal-was-of-sexual-assault-source-177124">allegation against Bansal was of sexual assault</a>.&nbsp;

"In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.

"The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part."

(With inputs from agencies)&nbsp;

 
&nbsp;

Flipkart CEO Binny Bansal, who stepped down earlier today over an allegation of "severe personal misconduct," said he will continue to remain a large shareholder and board member of the now Walmart-owned firm, news agency PTI reported.

Flipkart CEO Binny Bansal, who stepped down earlier today over an allegation of "severe personal misconduct," said he will continue to remain a large shareholder and board member of the now Walmart-owned firm, news agency PTI reported. "The allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation," he said. Bansal said these have been "challenging times" for him and his family, and in light of these circumstances, he felt it was best to step away as chairman and Group CEO. "I will continue to be a large shareholder in the company and will continue to serve as a member of the board of directors," he noted. According to a PTI report, Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business, a statement released by Flipkart said. Krishnamurthy, currently chief executive of the Flipkart division, will report directly to the board, Walmart said. Flipkart said the succession plan has now been accelerated as Bansal had been "contemplating a transition for some time". Sachin Bansal, the other co-founder (not related), had left Flipkart after selling his entire 5.5 per cent stake to Walmart as part of the deal. Ananth Narayanan will continue as CEO of Myntra and Jabong and will report to Krishnamurthy. Sameer Nigam will continue to head PhonePe -- Flipkart's payments unit -- as CEO. Both Krishnamurthy and Nigam will report directly to the board, Walmart said. "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," it added. In an internal email, Krishnamurthy sought to assuage employee concerns stating that "there will be no changes in our operating processes, or to the mission of the company as a result of this news". "Flipkart will continue to invest heavily in the supply chain, innovation, and technology, with a focus on optimising operations, and empowering employees... For Flipkart to keep succeeding, it is crucial for our teams to thrive, and we will continue to do everything possible to ensure you are given the opportunity to do just that," he added. Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. "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. Because of this, we have accepted his decision to resign," Walmart said in its statement. Walmart said the events surrounding the allegations had "risked becoming a distraction", prompting Bansal's decision to step down. He had been appointed group CEO in January last year. In a separate statement, Flipkart said: "This has been an unfortunate and challenging situation for Binny, his family and Flipkart." Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the allegation against Bansal was of sexual assault. "In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. "The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part." (With inputs from agencies)

Binny Bansal 'stunned' by allegations, will continue as Flipkart board member

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has <a href="http://www.wionews.com/business-economy/flipkart-ceo-binny-bansal-resigns-after-misconduct-probe-walmart-177091">stepped down over "serious personal misconduct</a>" charges, a source told Reuters that the allegation&nbsp;against Bansal was of sexual assault.&nbsp;

"In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation.

"The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part."

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing the allegation of personal misconduct.&nbsp;&nbsp;

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read.

According to reports, Bansal had denied the allegations.

(With inputs from Reuters)&nbsp;

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the allegation against Bansal was of sexual assault.

Shortly after Walmart Inc. released a statement noting that Flipkart CEO Binny Bansal has stepped down over "serious personal misconduct" charges, a source told Reuters that the allegation against Bansal was of sexual assault. "In late July ... an allegation came to us. It was a claim of sexual assault against Binny," the source told Reuters, adding the individual concerned was a former Flipkart associate who was not with the company at the time of making the allegation. "The investigation could not corroborate the allegation. It did, however, surface a lack of transparency on Binny’s part." Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. According to a press statement released by Walmart, Bansal's decision came after an independent investigation was launched against him on behalf of Flipkart and Walmart probing the allegation of personal misconduct. "His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart's statement read. According to reports, Bansal had denied the allegations. (With inputs from Reuters)

Allegation against Binny Bansal was of sexual assault: Source

<a href="http://www.wionews.com/south-asia/ousted-sri-lanka-pm-wickramasinghe-calls-for-alliance-to-save-the-country-177105">Sri Lanka Supreme Court overturns President Sirisena's decision to dissolve parliament</a>

The Sri Lankan Supreme Court on Tuesday overturned President Maithripala Sirisena's decision to dissolve the island nation's parliament.

<a href="http://www.wionews.com/business-economy/flipkart-ceo-binny-bansal-resigns-after-misconduct-probe-walmart-177091">Flipkart CEO Binny Bansal resigns after allegations of serious personal misconduct: Walmart</a>

Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct.&nbsp;

<a href="http://www.wionews.com/india-news/modi-doesnt-know-country-run-by-people-not-by-one-man-rahul-177092">Modi doesn't know country run by people, not by one man: Rahul Gandhi</a>

Congress president Rahul Gandhi on Tuesday launched a diatribe against Prime Minister Narendra Modi, accusing him of "misleading" people on India's development.

<a href="http://www.wionews.com/india-news/gulberg-massacre-supreme-court-to-hear-plea-challenging-clean-chit-given-to-pm-modi-177080">Gulberg massacre: On Monday, SC to hear </a><a href="http://www.wionews.com/india-news/gulberg-massacre-supreme-court-to-hear-plea-challenging-clean-chit-given-to-pm-modi-177080">plea</a><a href="http://www.wionews.com/india-news/gulberg-massacre-supreme-court-to-hear-plea-challenging-clean-chit-given-to-pm-modi-177080"> challenging clean chit given to PM Modi</a>

The Supreme Court will on Monday, November 19 hear Zakia Jafri's plea challenging the clean chit given to Prime Minister Narendra Modi, other top politicians, and bureaucrats in the Gulberg massacre case.&nbsp;

<a href="http://www.wionews.com/india-news/sabarimala-case-sc-defers-hear-review-petitions-on-january-22-refuses-to-stay-earlier-verdict-177077">Sabarimala case: SC to hear review petitions on January 22, refuses to stay earlier verdict</a>

The Supreme Court on Tuesday stated that it would hear the review petitions against its Sabarimala verdict on January 22, adding that it will be an open court hearing. The apex court refused to stay its earlier verdict in the case.

Sri Lanka Supreme Court overturns President Sirisena's decision to dissolve parliament The Sri Lankan Supreme Court on Tuesday overturned President Maithripala Sirisena's decision to dissolve the island nation's parliament.

Sri Lanka Supreme Court overturns President Sirisena's decision to dissolve parliament The Sri Lankan Supreme Court on Tuesday overturned President Maithripala Sirisena's decision to dissolve the island nation's parliament. Flipkart CEO Binny Bansal resigns after allegations of serious personal misconduct: Walmart Walmart on Tuesday announced that Flipkart CEO Binny Bansal has resigned over allegations of serious personal misconduct. Modi doesn't know country run by people, not by one man: Rahul Gandhi Congress president Rahul Gandhi on Tuesday launched a diatribe against Prime Minister Narendra Modi, accusing him of "misleading" people on India's development. Gulberg massacre: On Monday, SC to hear plea challenging clean chit given to PM Modi The Supreme Court will on Monday, November 19 hear Zakia Jafri's plea challenging the clean chit given to Prime Minister Narendra Modi, other top politicians, and bureaucrats in the Gulberg massacre case. Sabarimala case: SC to hear review petitions on January 22, refuses to stay earlier verdict The Supreme Court on Tuesday stated that it would hear the review petitions against its Sabarimala verdict on January 22, adding that it will be an open court hearing. The apex court refused to stay its earlier verdict in the case.

News brief: Big stories of the day

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

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Flipkart CEO Binny Bansal has resigned after personal misconduct allegations: Walmart

Binny Bansal 'stunned' by allegations, will continue as Flipkart board member

Allegation against Binny Bansal was of sexual assault: Source

News brief: Big stories of the day

Walmart may announce Flipkart deal today