Flipkart's co-founder and former CEO, Binny Bansal, is reportedly renegotiating his payout terms with Walmart, after his sudden exit from the company. As part of the new deal that could be struck between him and the US retail giant, which acquired Flipkart for $16 billion, he might receive $100 million as an immediate, smaller payment, according to Mint.
As per the original agreement, Mr Bansal was to receive $850 million in cash for the sale of his 4-4.5 per cent stake in Flipkart, after August 2020. He abruptly resigned after allegations of “serious personal misconduct” surfaced against him. But later investigations did not find any evidence confirming the same.
Even after the $100 million pre-payment, Bansal will continue to hold his remaining stock in Flipkart. Bansal is expected to invest in startups after the payout materialises. He is already an investor in startups like SigTuple, Roposo and Ather Energy.
“....a claim of serious personal misconduct made against me, which was uncorroborated after a thorough investigation completed by an independent law firm. The allegations left me stunned and I strongly deny them. The investigation, however, did bring to light lapses in judgment, particularly a lack of transparency, related to how I responded to the situation. These have been challenging times for my family and me,” Mr Bansal had said in a mail to Flipkart’s employees following the allegations.
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