While Flipkart COO Nitin Seth has reportedly sent a legal notice to the Indian e-commerce giant alleging wrongful termination by the company, two senior executives have quit IFMR Trust.
Former Flipkart COO cries foul over ouster, sends legal notice
Seth, who resigned from his position as the Chief Operations Officer in May 2017, believes he was illegally fired.
Having served as the MD and Country Head of investment firm Fidelity International, Seth was originally brought on board at Flipkart in March 2016 by co-founder Binny Bansal. In less than six months, he was promoted to Chief Administrative Officer and, later, to Chief Operations Officer in January 2017. He was also heading Flipkart’s logistics unit Ekart and corporate functions including strategy.
IFMR Trust sees management rejig, two execs quit
Financial inclusion-focused organisation IFMR Trust has witnessed a management reshuffle, with the exit of two of its senior executives, and another two moving away from day-to-day operations, according to a report in The Economic Times.
According to the report, Vineet Sukumar, chief financial officer at IFMR Capital, the non-banking finance arm of IFMR Trust, and Gaurav Kumar, chief business officer of the NBFC, have both resigned from the firm.
Also, Sucharita Mukherjee, chief executive of IFMR Holdings, the parent entity of IFMR Capital, and Puneet Gupta, the company’s finance head, have stepped away from their day-to-day responsibilities.
This has led to speculation that Mukherjee and Gupta may also be on their way out.