Zomato reveals why it didn’t inform exchanges about Gaurav Gupta’s exit

Online food delivery platform Zomato on Saturday said it did not disclose the exit of its co-founder Gaurav Gupta as he was not named as key managerial personnel nor was he a promoter of the company.

In response to the clarification sought by BSE, Zomato in a regulatory filing said, “…we would like to submit that Mr. Gaurav Gupta has not been designated as a key managerial personnel under the Companies Act, 2013 and the Listing Regulations. Has gone.”

It further said that Gupta joined the company in 2015 and was later named as one of the co-founders in 2019 and head of supply in 2021.

“However, he was neither the promoter nor held any equity shares in the company. Hence, his exit from the company does not warrant any disclosure under the listing rules,” Zomato said.

The Company intends to maintain and maintain high standards of Corporate Governance, complying in letter and spirit with SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.
Zomato had shared the details of Gupta’s exit in a blog post by the company.

By Naveen Bharat Staff



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