CURRENT AFFAIRS

Detailed explanation-1: -Until November, when Walmart issued a statement saying Flipkart co-founder Binny Bansal was leaving the company for failing to disclose ‘personal misconduct’.

Detailed explanation-2: -Another person familiar with the goings-on says, “After the missteps of 2015, Flipkart’s board gave a chance to Binny to helm the company.

Detailed explanation-3: -Chinese tech giant Tencent had bought a stake worth $264 million (about Rs 2, 060 crore) in Walmart-owned e-commerce firm Flipkart from its co-founder, Binny Bansal, through its European subsidiary, according to the sources.

Detailed explanation-4: -Everything was going well for Flipkart, but in 2016, Sachin Bansal was forced out of the position of CEO by the investors because of some poor decisions made in the past, making Binny Bansal the new CEO. Sachin was not happy about this as he was also forced out of the operations.

Detailed explanation-5: -For the first nine years since the company’s inception, Sachin Bansal served as the CEO while Binny Bansal was chief technology officer. In 2016, Binny Bansal took charge while his partner became the executive chairman.