Arvind Rao, former chief executive officer and the managing director of mobile value-added service provider OnMobile has reduced his stake in the company.
According to a filing with the Stock Exchange of Bombay, Rao has sold 111 shares worth Rs 4,251.30. Earlier this month, Rao had reduced his stake in OnMobile from 4.4 per cent to 2.8
per cent through open market sale of 1,800 shares.
Rao, quit the company in July 2012 following a review report by Amarchand Mangaldas and Suresh A. Shroff, advocates and KPMG which identified issues with the corporate governance at OnMobile.
