Zilingo’S former chief executive officer Ankiti Bose said she stepped down from her post as director due to lack of access to information.

Bose said the board failed to show her investigation reports on the company or her alleged misconduct, even though she was a director and large shareholder of Zilingo, a statement posted on her Instagram account said. 

“Given the current circumstances, and due to the opacity of information to me as a board member and a shareholder, I have resigned forthwith from all directorships I hold with Zilingo’s holding company and any of its subsidiaries,” Bose said. 

Her resignation comes as Zilingo’s board of directors weigh options for the embattled startup including liquidation and a management buyout. On Jun 20, the board members met to hear the alternatives, including a presentation from its financial adviser Deloitte LLP to sell off the company’s assets, Bloomberg News reported. Co-founder and director Dhruv Kapoor made the pitch for a buyout, a surprise, last-minute development the previous day. 

Bose, who co-founded the Singapore-based fashion e-commerce startup with Kapoor in 2015, endorsed his preliminary proposal minutes after it was sent out to existing shareholders. In her email, as seen by Bloomberg News, Bose urged investors to see beyond their “personal differences” and support the initiative.

Allegations of financial irregularities in March prompted an investigation into Zilingo, valued at US$970 million in 2019, and led to the dismissal of Bose as CEO in May. Her ouster plunged the once high-flying startup into crisis and sent shockwaves through South-east Asia and India’s technology industry. Bloomberg

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL