Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart
NEW DELHI: Flipkart co-founder Binny Bansal has sold his shares worth over $76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant Walmart. Bansal transferred more than 539,000 of his Flipkart shares to Walmart’s Luxembourg-based entity — FIT Holdings SARL, according to business intelligence platform Paper.vc. “Our data, derived from […]
Income Tax department seeks details of income earned by Sachin, Binny Bansal from Walmart deal
NEW DELHI: The Income Tax department has written to Flipkart founders Sachin and Binny Bansal seeking to know the details of the income earned following their share sale to US retail giant Walmart and when they would be depositing the advance tax, an official said. As per the Income Tax laws, both Sachin and Binny […]
Flipkart co-founder and group CEO Binny Bansal resigns over ‘personal misconduct’
NEW DELHI: Flipkart Group CEO Binny Bansal on Tuesday resigned following an allegation of ‘serious personal miscount’, the firm’s new parent Walmart said. Bansal, who along with Sachin Bansal had co-founded the India’s biggest online retailer Flipkart, “strongly denies the allegation”, Walmart said in a statement. Binny, it said, has resigned as the CEO of […]