OnMobile board orders probe against Arvind Rao, Cofounder and CEO [Updated]
OnMobile’s board has ordered a probe against the company’s promoter and CEO Arvind Rao for alleged misappropriation of funds, reports ET.
Arvind Rao has been accused of diverting company funds to another entity promoted by him.
The company recently had announced that Arvind Rao will focus on international growth and market strategy and building relationships with large global customer accounts around the world; and to free up his time, investor relations, strategy and strategic projects, an Operations Committee of the Board comprising of Mr. H. H. Haight, Chairman, and Mr. Naresh Malhotra, Chairman of the Audit Committee, will oversee the affairs of the Company.
Update: The company has denied ordering probe.