The allegations had been raised in a number of letters from a law firm which claimed to represent the interests of certain unidentified SBG and Sprint Corporation shareholders. The Special Committee was formed in February of this year. It conducted its review with the assistance of independent counsel at Shearman & Sterling LLP and Anderson Mori & Tomotsune.
A group of investors in a critical letter had asked the board to dismiss Arora and also questioned his track record and qualification to become the second highest authority at the Japanese firm. Billionaire and founder Masayoshi Son had also in the recent past hinted that he could well succeed him.
“As I said when these allegations first became public, I have complete trust in Nikesh and I am pleased the special committee has looked into these claims thoroughly and concluded they are without merit,” said Masayoshi Son, CEO, SoftBank.
SoftBank's investment in India had crossed $1 billion mark and it also stated that its investment in the country could cross $10 billion in the coming years. The company has invested in e-commerce players such as Snapdeal, Ola Cabs, Housing.com and Oyo Rooms.
