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


Food delivery platform said in a regulatory filing that the
exit of its cofounder Gaurav Gupta does not warrant any disclosure to stock exchanges.

The filing from Zomato came as the Bombay Stock Exchange sought clarification from the company on Friday about Gupta’s resignation which was announced by founder Deepinder Goyal on microblogging platform Twitter on the same day.

“With reference to your email dated September 17, 2021, on the captioned subject, we would like to submit that Mr. Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013 and the Listing Regulations,” the company wrote.

“We would further like to submit that Mr. Gupta joined the company (2015) and was subsequently designated as one of the cofounders (2019) and Head of Supply (2021). However, he was neither a promoter nor was holding any equity shares in the company. Therefore, his exit from the company does not warrant any disclosure under the Listing Regulations,” it said.

The food ordering platform further said that there is no pending information or announcement from the company which may have a bearing on the price or volume behaviour in the scrip.

Gupta, who
played a key role in the runup to the food delivery platform’s initial public offering (IPO) earlier this year, was listed as the key managerial personnel in the company’s red herring prospectus. He announced his resignation from the company that is weathering a series of changes
following its stellar listing.



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Zomato scraps grocery deliveries for the second time

CEO Goyal wrote on Twitter on Friday, “Thank you Gaurav Gupta—the last six years have been amazing and we have come very far. There’s so much of our journey still ahead of us, and I am thankful that we have a great team and leadership to carry us forward,” Goyal wrote.





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