BackZomato clears air on not informing exchanges about co-founder Gaurav Gupta's exit
We would like to submit that Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013 and the Listing Regulations, Zomato clarified
PremiumFood delivery aggregator Zomato clarified on Saturday that it did not inform stock exchanges about the resignation of co-founder Gaurav Gupta as he was not designated as a key managerial personnel. Stock exchanges BSE and NSE had sought clarification from the company yesterday on reports of Gupta's exit as it was not declared on the bourses.
“With reference to your email dated September 17, 2021, on the captioned subject, we would like to submit that Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013 and the Listing Regulations," Zomato stated in its clarification.
Gupta was one of the key figures in the run-up to Zomato's successful IPO in July. He joined the company in 2015, and was subsequently designated as one of the co-founders in 2019. Zomato had appointed Gupta as the Head of Supply in 2021, ahead of going public.
“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 stated.
“Further, there is no pending information or announcement from the company which may have a bearing on the price/volume behaviour in the scrip and all material information has been disclosed by the company within the stipulated timelines," it added.
Gupta had exited Zomato after a six-year stint to start a new chapter in life.
“I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life - the last 6 years at Zomato. We have a great team now to take Zomato forward, and it's time for me to take an alternate path in my journey," he had said in an e-mail to the staff.
In response, Zomato CEO Deepinder Goyal thanked Gupta for his contributions.
“Thank you, GG for everything you have helped Zomato achieve over the last few years. We have seen Zomato through great as well as terrible times together and brought it here today," Goyal wrote.
“There's so much of our journey still ahead of us, and I am thankful that you are hanging your boots at a point where we have a great team and leadership to carry us forward," he added.
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