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OnMobile CEO & MD Arvind Rao Resigns; Mouli Raman Is Interim MD

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 any loss", and that "Recognizing that these weaknesses took place during his tenure, Mr. Arvind Rao, has submitted his resignation". The company is being quite vague about what these weaknesses in some processes were, and this is fodder for further speculation: this announcement (read the press release below), follows a statement earlier this month, wherein OnMobile denied media reports saying that Rao was involved in misappropriation of funds, and an enquiry being conducted by an external auditor for it. Those reports surfaced following a change initiated by the companys board, wherein Rao was said to be looking at its international business, and an operations committee comprising of the board Chairman…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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