Everything you should know about Binny Bansal resignation as Flipkart CEO

Flipkart is making headlines on a daily basis. First, the big news came in the form of its acquisition by Wallmart. Later the Sanchin Bansal saga topped the online world, and now Binny Bansal's (co-founder) resignation as CEO seems quite a big headline in the Indian e-commerce sector.

In a joint statement, the two companies said that his decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct however he strongly denies the allegation. While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation.

Because of this, we have accepted his decision to resign, the statement said.

However, Binny will continue to remain a large shareholder and board member of the now Walmart-owned firm.

The statement further pointed out that Binny has been contemplating a transition for some time and we have been working together on a succession plan, which has now been accelerated.

Going forward, 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 joint statement added.

Furthermore, Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan and Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.

Meanwhile, PTI reported that he also wrote a letter to his employees in which he said that he is stunned by allegations of 'serious personal misconduct'.

He also said that these were "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.

To recall, this year in August Walmart Inc. and Flipkart have announced the closing of the agreements for Walmart to become the largest shareholder in the Flipkart Group.

With the completion of the investment, Walmart now holds approximately 77 percent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.