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OnMobile Updates: Govt Seeks Report; Promoter Group Co Details

The Indian government is looking into matters related to the sudden resignation of its co-founder MD and CEO Arvind Rao, report Mint and The Economic Times. Corporate affairs minister M. Veerappa Moily has sought a report on the company from the Registrar of Companies. Following an Economic Times report which suggested that Rao was diverting funds to another entity promoted by him, OnMobile had denied that Rao was being investigated by the Board for any misappropriation of funds. Yet, a week and a half later, it acknowledged that "a recently concluded special review completed by our legal advisors, Amarchand Mangaldas & Suresh A. Shroff, Advocates duly supported by KPMG, the Board of Directors today took on record the report submitted and noted that the review had identified weaknesses in some processes." Following this, Rao resigned. Forbes India had reported on Monday that in March, OnMobile's then CFO Amit Rastogi had sent a letter, co-signed by co-founder Mouli Raman, pointing out financial irregularities amounting to Rs 12 crore, raising questions about the Rao's involvement. Despite claims that "strong alternate controls have ensured that the Company did not suffer any loss", OnMobile hasn't yet come clean on what exactly were these weaknesses, which led to its CEO resigning, and which processes are now being fixed. Note that there were allegations of misappropriation to certain promoter group companies. Note that OnMobile had clarified that Sandhya Gupta, the company's M&A head had resigned earlier this year for personal reasons, and said that "Her departure from the Company was…

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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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