After submitting resignation on Tuesday Binny Bansal, CEO of Flipkart Group, in a letter to the company employees said he will continue to be on the board as one of the largest shareholders.

"I will continue to be a large shareholder in the company and will continue to serve as a member of the board of directors," Bansal said.

Bansal resigned as CEO of Flipkart Group after an independent investigation was done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct against him.

Refuting the allegations, Bansal said, "The allegations left me stunned and I strongly deny them. These have been challenging times for my family and me."

In July this year, an allegation of sexual assault was brought against Binny Bansal and the investigation started after that, Walmart told CNBC-TV18, adding that it does not involve Flipkart employee.

The investigation was done by a global law firm in coordination with Walmart and Flipkart board and it could not corroborate the allegation of sexual assault, the company said.

"While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," it said.

Walmart acquired about 77 percent of Flipkart in May, for nearly $16 billion in what was the US retail giant's largest-ever deal and a move to take on arch rival Amazon in a key growth market.

First Published:Nov 13, 2018 8:09 PM IST