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

The recent
exit of Zomato cofounder Gaurav Gupta does not warrant any disclosure to stock exchanges since he was neither a promoter nor a holder of equity shares at the time of his resignation, the food delivery platform said in a regulatory filing.

The filing came as the BSE had sought a clarification from

Ltd following an article on the Economic Times website, ‘Zomato cofounder Gaurav Gupta quits two months after IPO’, the company disclosed to the stock exchange on Friday.

Zomato founder Deepinder Goyal had announced Gupta’s exit via microblogging platform Twitter last Tuesday.

“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 in the clarification to the BSE on Saturday.

“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 was no pending information or announcement from the company which may have a bearing on the price or volume behaviour of its shares.

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 a key manager in the company’s red herring prospectus. His resignation has come at a time when the company is weathering a series of changes
following its stellar public listing.

In his tweet, Goyal said, “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.”

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