No inquiry against OnMobile CEO

MUMBAI, INDIA: The board of OnMobile Global Limited has strongly rejected media reports of an inquiry against the company’s promoter and CEO, Arvind Rao, over the alleged  misappropriation of funds.

The Bangalore-based company in an official statement denied all allegations and rumors that have been reported in media that the board of directors of OnMobile Global Limited had ordered a probe against Arvind Rao for alleged misappropriation of funds, including diversion of funds, for which an external auditor has been appointed.

Along with reports of termination of company’s M&A head Sandhya Gupta which has been part of the probe, the company rejected such media reports and stated, “Sandhya Gupta, head M&A, resigned for purely personal reasons earlier this year and her departure from the company was not a result of any allegations of wrongdoing.”

The company has denied all such media reports, terming them baseless and devoid of factual accuracy. 

Earlier some media reported that Mumbai-based KPMG had been roped in for an external audit against Arvind Rao, since it was found that Rao was pursuing a new venture overseas using the company’s funds.