Mumbai, November 14: In a dramatic twist of events, Binny Bansal, Flipkart co-founder and group chief executive officer (CEO) resigned from the company on Tuesday, following an allegation of ‘serious personal misconduct’. However, Bansal, who along with Sachin Bansal had co-founded India’s biggest online retailer Flipkart, denied all the allegation. The e-commerce firm is now controlled by Walmart Inc after the latter acquired 77 percent of Flipkart for $16 billion in May. According to 2016 Billionaires net worth, Binny Bansal has a net worth of $1.2 billion. Binny Bansal Steps Down as Flipkart CEO Over Probe in Personal Misconduct.

In the statement released by the company, Flipkart said that Binny's decision follows an independent investigation done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct. Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down"

The statement further mentioned that 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, the company has accepted his decision to resign.

In May, Flipkart co-founder Sachin Bansal had announced the end of his ten-year-long tenure with the company following the announcement of US-based Walmart's acquisition of a major stake in the e-commerce firm.

(The above story first appeared on LatestLY on Nov 14, 2018 12:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).