Zomato journey finish as co-founder Gaurav Gupta
Zomato co-founder Gaurav Gupta, who was responsible for the food delivery firm’s supply vertical, resigned on Tuesday.
Gaurav Gupta, who had joined the food-tech startup in 2015. Then he worked as a chief operating officer in 2018, before he was named as a co-founder in 2019.
His decision to quit, after Zomato shut down its grocery delivery and nutraceutical business after running pilots for months.
“I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life—the last 6 years at Zomato. We have a great team now to take Zomato forward and it’s time for me to take an alternate path in my journey. I am very emotional as I write this and don’t think any words can do justice to how I am feeling right now," said Gupta.
Why Zomato didn't state Gaurav Gupta's resignation on stock exchanges?
The listing and disclosure regulations as imposing by the Securities and Exchange Board of India (SEBI) mandate that any resignation by a key management person (KMP) should be disclosed on the stock exchanges for the public shareholders at large.
While mentioning Gaurav Gupta as a KMP, the draft document stated that his designation changed twice in the last 3 years. In March 2019, Gupta's designation was changed from Co-founder & Chief Operating Officer to Co-founder. Thereafter, his designation was changed to the head of supply in March 2021.
Legal experts say that while gaurav Gupta was formerly designated a Co-founder and appears as a KMP in the draft document, his official designation was the head of supply that does not fall under the definition of a KMP under the regulatory framework. This, according to them, is the reason why his resignation was not announced on the stock exchanges.
No comments:
Post a Comment