Arvind Rao, the chief executive officer and the managing director (MD) of mobile value-added service player OnMobile, has quit the company.
The move comes over a review report by Amarchand Mangaldas and Suresh A. Shroff, advocates and KPMG which identified few issues with the corporate governance at OnMobile . Since Rao was heading the company during this tenure, he has resigned from the company with immediate effect.
Currently, Mouli Raman, co-founder and executive director, OnMobile will take up the interim role of MD.
Also, as per the company?s statement on the Bombay Stock Exchange, the pledged shares of the promoters of OnMobile including that of Arvind Rao, Arvind Mohan Rao, Riffmobile Private Limited, Oskar Habitat, Radha J., Jankiraman V., J. Ramesh and J. Chandramouli have been invoked with immediate effect, following which the holding of all the aforementioned stakeholders in the company is nil.
