Micromax chairman Sanjay steps down
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.