Binny Bansal resigns as Flipkart group CEO
He stepped down with immediate effect following an allegation of sexual misconduct that dates back a few years. An investigation was reportedly initiated against Bansal after the matter came to light in late July, but the allegation was not corroborated. He will continue to be a large shareholder in the company and serve as a member of the board.
Essel Group may divest up to 50% promoter share in ZEEL
The proposed transaction to divest up to 50% of its promoter share (approximately 20.8% of the whole) in the entertainment firm is expected to address Essel Group’s capital allocation priorities. For this exercise, the company has appointed Goldman Sachs Securities (India) as its investment banker and LionTree as an international strategic advisor.
Nirvik Singh is Raymond Apparel’s new chairman
He takes charge as the non-executive chairman of Raymond Apparel, after Gautam Hari Singhania announced his decision to step down from the position of chairman. He will, however, continue to be on the board of Raymond Apparel.
Nokia’s Ashish Chowdhary to join Apple
He will join as country manager for India. Chowdhary was formerly chief customer operations officer at Nokia and has 25 years of international experience in the enterprise and telecom sector.
Zoomcar gets Ogilvy and Motivator on board
Ogilvy will be its creative agency on record and Motivator will handle its media buying duties.