Update: How has the stock market reacted to this news? Well, the OnMobile stock closed at Rs 33.60 on the BSE yesterday. Now it's up to Rs 36.30 (at 1309hrs IST) Yesterday: OnMobile Global has said that Arvind Rao, its CEO and MD and one of the promoters of the company, has resigned, and Mouli Raman, co-founder and Executive Director is taking on the role of interim Managing Director, while the company searches for a new CEO. At the same time, the company has acknowledged that a special review completed by its legal advisors, Amarchand Mangaldas & Suresh A. Shroff, Advocates, duly supported by KPMG, has identified "weaknesses in some processes." The company hasn't clarified what these weaknesses were, but says that it has taken steps to rectify these weaknesses, that "strong alternate controls have ensured that the Company did not suffer…
