Binny Bansal's retention on Flipkart board may be part of investor contract

Binny Bansal continuing as a member of the Flipkart board could have been part of investors’ agreement with Walmart. The co-founder of India’s largest 

e-commerce company stepped down as group CEO and Chairman on Tuesday over allegations of personal misconduct.

According to legal experts, though the independent investigation didn’t find any evidence of wrongdoing on the part of Bansal, reputational risk for Walmart could be the reason for the Bentonville-headquartered company accepting his resignation. Sources in the company said the retail giant didn’t want to associate itself with any future liabilities arising from this incident.

“Even though the committee formed by