Binny Bansal holds enough ownership threshold to retain Flipkart board seat

Binny Bansal will continue to remain as a founder-director of Flipkart as long as he holds 3.53 million shares in the firm

Though Binny Bansal has stepped down from the post of group chief executive officer and chairman of Flipkart over allegations of ‘serious personal misconduct’, US retail giant Walmart will not be able to remove him as a director from the board.

According to the new articles of association approved by the company on September 25, Binny would continue to remain as a founder-director of the Indian e-commerce major as long as he holds at least 3.53 million shares in the company. For all other minority shareholders, a board position will require them to hold at least 3 per cent of