Exit of Gaurav Gupta does not warrant any disclosure under listing regulations: Zomato

By: |
September 18, 2021 7:52 PM

Replying to a clarification sought by BSE, Zomato in a regulatory filing said, "...we would like to submit that Mr. Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013, and the Listing Regulations."

It further said that Gupta joined the company in 2015 and was subsequently designated as one of the co-founders in 2019 and Head of Supply in 2021. It further said that Gupta joined the company in 2015 and was subsequently designated as one of the co-founders in 2019 and Head of Supply in 2021.

Online food delivery platform Zomato on Saturday said it did not disclose the exit of its co-founder Gaurav Gupta to the bourses as he was not designated as a key managerial personnel, nor was he a promoter of the company.

Replying to a clarification sought by BSE, Zomato in a regulatory filing said, “…we would like to submit that Mr. Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013, and the Listing Regulations.”

It further said that Gupta joined the company in 2015 and was subsequently designated as one of the co-founders in 2019 and Head of Supply in 2021.

“However, he was neither a promoter nor was holding any equity shares in the company. Therefore, his exit from the company does not warrant any disclosure under the Listing Regulations,” Zomato said.

The company upholds and intends to maintain high standards of corporate governance, has complied with the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, in letter and spirit, it added.

Zomato had shared the information of Gupta’s exit in a blog post by the company.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Analyst Corner: ACC rating – Buy: Management of costs was impressive
2ICICI Prudential Life rating – Buy: VNB growth continued to be high in Q2
3Hindustan Unilever rating – Buy: Weak volumes cast shadow on results