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Mr Arvind Rao, Managing Director and CEO of mobile value-added services player OnMobile, has quit.
This comes after a review done by Amarchand Mangaldas & Suresh A. Shroff, Advocates and KPMG identified weaknesses in some processes related to corporate governance. Based on this review, the company has initiated steps to rectify all the weaknesses.
Recognising that these weaknesses took place during his tenure, Mr Arvind Rao has submitted his resignation from the position with immediate effect and the board has accepted the same.
Mr Mouli Raman, Co-founder and Executive Director, will take on the role of interim Managing Director. The company has also initiated a search for a new CEO.
On Monday, shares of OnMobile dropped 3.31 per cent to close at Rs 33.60 on the BSE. For the April-June quarter, the stock has lost 49.1 per cent.
According to a statement on the Bombay Stock Exchange, the pledged shares of the promoters of OnMobile — Arvind Rao, Arvind Mohan Rao, Riffmobile Pvt Ltd, Oskar Habitat, Radha J., Jankiraman V., J. Ramesh and J. Chandramouli — have been invoked and hence their holding in the company is nil.
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