Foodtech firm Zomato on Saturday said that it did not inform stock exchanges about the resignation of its co-founder Gaurav Gupta as he was not named as a key managerial personnel. Consequently, as per rules related to his exit from the company. Under no disclosure was made.
The BSE had sought clarification from the company on reports that Gupta had resigned from the company.
Responding to the matter, Zomato said in a BSE filing, “…the Company maintains and intends to maintain high standards of Corporate Governance, SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015 (“Listing Regulation”) in letter and spirit.”
Zomato said Gupta was not made as a key managerial personnel. Consequently, under the Companies Act, 2013 and the Listing Regulations.
Gupta joined the company in 2015. He was later named as one of the co-founders in 2019 and head of supply in 2021.
The recently listed company said, “However, he was neither a promoter nor held any equity share in the company.”
Zomato said that no information or announcement is pending from the company. Further which may have a bearing on the price/volume behavior in the share. Also, all the material information has been disclosed within the time frame prescribed by it.
Earlier this week, Gupta left Zomato. Thanking Gupta for his contribution, the company’s founder and CEO Deepinder Goyal wrote in a tweet, “Thank you @grvgpta – The last 6 years have been amazing and we have come a long way.
Our journey is still ahead of us, And I’m thankful that we have a great team and leadership to take us forward.”