Flipkart co-founder Binny Bansal, who resigned as the chief executive officer recently, is seeking a cash payout of USD 100 million from the US retail Walmart, said a media report.
According to a report published by Mint, Bansal was eligible to receive a payout worth USD 850 million for over half of his stake in the company after August 2020.
Post the acquisition of the majority stake by Walmart, Binny Bansal holds about 4-4.5 percent stake in the company. The report further said that after his resignation, Bansal might receive an immediate payment of about USD 100 million. The rest of the payout would be due to Bansal by August 2020.
Earlier in November, Bansal had abruptly resigned from the position of CEO following a probe into an allegation of serious personal misconduct by him.
Though Bansal denied the allegation and the independent investigation also did not find any evidence or lapses to corroborate the complainant, what was revealed was other lapses in judgment, particularly lack of transparency, on his part.― New Indian Express