Flipkart Group CEO Binny Bansal quits over 'serious personal misconduct' charges

Agencies
November 13, 2018

New Delhi, Nov 13: Flipkart Group CEO and co-founder Binny Bansal Tuesday resigned following a probe into an alleged "serious personal misconduct", the firm's new parent Walmart said.

Bansal, 37, has strongly denied the allegation, the American retail giant said in a statement.

His decision to step down follows an independent investigation done on behalf of Flipkart and Walmart, even though the probe "did not find evidence to corroborate the complainant's assertions against Binny", it said.

While the statement did not provide details of the "personal misconduct" allegations against Bansal, sources indicated that the complainant was associated with Flipkart a few years ago and is now running her own venture.

This, however, could not be independently ascertained.

The statement pointed out that the "deliberate and thorough" investigation "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".

Bansal's resignation as the CEO of Flipkart Group is with immediate effect. He was serving as the Group CEO after Walmart's mega USD 16 billion investment in the Bengaluru-based company.

Sachin Bansal, the other co-founder (not related to Binny), had left Flipkart after selling his entire 5.5 per cent stake to Walmart as part of the deal.

Walmart's statement said the recent events "risked becoming a distraction for the company" and Binny had made a decision to step down.

The statement pointed out that Binny had been contemplating a transition for some time and that the company (Walmart) had been working together on a succession plan, which has now been accelerated.

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, the statement said.

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 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.

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News Network
June 11,2020

Washington, Jun 11: Observing that historically India has been a tolerant, respectful country for all religions, a top Trump administration official has said the US is "very concerned" about what is happening in India over religious freedom.

The comments by Samuel Brownback, Ambassador-At-Large for International Religious Freedom, came hours after the release of the "2019 International Religious Freedom Report" on Wednesday.

Mandated by the US Congress, the report documenting major instances of violation of religious freedom across the world was released by Secretary of State Mike Pompeo at the State Department.

India has previously rejected the US religious freedom report, saying it sees no locus standi for a foreign government to pronounce on the state of its citizens' constitutionally protected rights.

"We do remain very concerned about what's taking place in India. It's historically just been a very tolerant, respectful country of religions, of all religions," Mr Brownback said during a phone call with foreign journalists on Wednesday.

The trend lines have been troubling in India because it is such a religious subcontinent and seeing a lot more communal violence, Mr Brownback said. "We're seeing a lot more difficulty. I think really they need to have a - I would hope they would have an - interfaith dialogue starting to get developed at a very high level in India, and then also deal with the specific issues that we identified as well," he said.

"It really needs a lot more effort on this topic in India, and my concern is, too, that if those efforts are not put forward, you're going to see a growth in violence and increased difficulty within the society writ large," said the top American diplomat.

Responding to a question, Mr Brownback said he hoped minority faiths are not blamed for the COVID-19 spread and that they would have access to healthcare amid the crisis.

Prime Minister Narendra Modi has criticised any form of discrimination, saying the COVID-19 pandemic affects everyone equally. "COVID-19 does not see race, religion, colour, caste, creed, language or border before striking. Our response and conduct thereafter should attach primacy to unity and brotherhood," PM Modi said in a post on LinkedIn in February.

The government, while previously rejecting the US religious freedom report, had said: "India is proud of its secular credentials, its status as the largest democracy and a pluralistic society with a longstanding commitment to tolerance and inclusion".

"The Indian Constitution guarantees fundamental rights to all its citizens, including its minority communities… We see no locus standi for a foreign entity/government to pronounce on the state of our citizens' constitutionally protected rights," the Foreign Ministry said in June last year.

According to the Home Ministry, 7,484 incidents of communal violence took place between 2008 and 2017, in which more than 1,100 people were killed.

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News Network
May 11,2020

New Delhi, May 11: Shares of Indian Railway Catering And Tourism Corporation (IRCTC) jumped 5 per cent in early trade on Monday after the Indian Railways said it will gradually resume passenger train services from May 12.

The company's shares gained 5 per cent to Rs 1,302.85 -- its highest trading permissible limit for the day -- on the BSE. At the National Stock Exchange (NSE), it rose 5 per cent to Rs 1,303.55 -- its upper circuit limit.

Booking for reservation in these trains will start at 4pm on May 11 and will be available only on the IRCTC website.

The Indian Railways will gradually resume passenger train services from May 12 and will ask passengers to arrive at the station at least an hour before departure, the national transporter said on Sunday.

Initially, the all air-conditioned services will begin on 15 Rajdhani routes and the fare would be equivalent to that of the super-fast train, it said.

The special trains will run from New Delhi to Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Thiruvananthapuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi.

All passenger services were suspended due to a lockdown announced on March 25 and the railways later started the on-demand Shramik Specials to ferry migrants stranded across the country. It, however, has been running freight and parcel services.

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News Network
June 15,2020

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

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