Mi­cro­max chair­man San­jay steps down

The Pak Banker - - COMPANIES/BOSS -

NEW DELHI: In what is be­ing seen as the cul­mi­na­tion of in­ter­nal tur­moil in the top man­age­ment of do­mes­tic mo­bile de­vice maker Mi­cro­max In­for­mat­ics Ltd, San­jay Kapoor has stepped down from the post of chair­man of the com­pany a lit­tle more than a year af­ter join­ing, he con­firmed on Fri­day.

The Eco­nomic Times re­ported the de­vel­op­ment, adding that dis­cus­sions were still un­der­way re­gard­ing the fi­nan­cial terms of Kapoor's exit.

Kapoor joined in June last year with the re­spon­si­bil­ity of tak­ing the com­pany in­ter­na­tional and help­ing it raise funds to be able to di­ver­sify into soft­ware and other al­lied busi­nesses.

It is un­der­stood that at the time of join­ing, Kapoor was given a cer­tain amount of stake in the com­pany as well as sweat eq­uity. The ex­act quan­tum of stake could not be de­ter­mined. The four founder-pro­mot­ers-Rahul Sharma, Ra­jesh Agar­wal, Sumeet Ku­mar and Vikas Jain-own a lit­tle less than 80% of the com­pany. In­dus­try ex­perts say dif­fer­ences be­tween the pro­mot­ers and Kapoor had been grow­ing for some time now over the way for­ward for the com­pany. These in­clude pric­ing of de­vices, val­u­a­tion of the com­pany for the pur­poses of fund rais­ing, as well as whether to in­crease fo­cus on online re­tail­ing rather than the more ex­pen­sive tra­di­tional re­tail chan­nels. Kapoor is the for­mer CEO of Bharti Air­tel Ltd, In­dia's largest com­mu­ni­ca­tions ser­vice provider. He is con­sid­ered re­spon­si­ble for the telco's ini­tial shift to data growth from tra­di­tional voice.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.