Cofounder Gaurav Gupta’s exit does not warrant disclosure, says Zomato

The submitting from Zomato got here because the Bombay Stock Exchange sought clarification from the corporate on Friday about Gupta’s resignation which was introduced by founder Deepinder Goyal on microblogging platform Twitter on the identical day.

“As regards to your e-mail dated September 17, 2021, on the captioned topic, we wish to submit that Mr. Gaurav Gupta will not be designated as a key managerial personnel beneath the Companies Act, 2013 and the Itemizing Rules,” the corporate wrote.

“We’d additional wish to submit that Mr. Gupta joined the corporate (2015) and was subsequently designated as one of many cofounders (2019) and Head of Provide (2021). Nonetheless, he was neither a promoter nor was holding any fairness shares within the firm. Subsequently, his exit from the corporate doesn’t warrant any disclosure beneath the Itemizing Rules,” it mentioned.

The meals ordering platform additional mentioned that there is no such thing as a pending info or announcement from the corporate which can have a bearing on the value or quantity behaviour within the scrip.

Gupta, who
played a key role in the runup to the food delivery platform’s initial public offering (IPO) earlier this yr, was listed as the important thing managerial personnel within the firm’s pink herring prospectus. He introduced his resignation from the corporate that’s weathering a collection of adjustments
following its stellar listing.

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CEO Goyal wrote on Twitter on Friday, “Thanks Gaurav Gupta—the final six years have been superb and we’ve come very far. There’s a lot of our journey nonetheless forward of us, and I’m grateful that we’ve an amazing crew and management to hold us ahead,” Goyal wrote.