CHENNAI: Singapore-headquartered B2B fashion e-commerce startup Zilingo has fired its Indian-origin CEO Ankiti Bose The following an independent investigation into alleged financial irregularities in the company.
“Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ms Ankiti Bose’s employment with cause and reserves the right to pursue appropriate legal action,” a statement from Zilingo on Friday said.
Bose was earlier placed under suspension by the company’s board on March 31 when it appointed an independent forensics firm to look into alleged financial irregularities. The board says that on April 11, after being placed on suspension, Bose brought to their attention certain harassment complaints against investors, and a consulting firm was also appointed to look into the claims.
“The investigation has concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice,” Zilingo’s board said in the statement noting that the suspension and investigation into Bose were not connected to the harassment claims.
Reacting to the board’s decision, Bose said in a statement on her Instagram page that her employment was terminated on the grounds of “insubordination”. “I have neither seen the reports nor been given sufficient time to produce any documents requested by them,” she added, calling the action by the company a “witch-hunt” and vowing to fight back.
Meanwhile, reacting to the internal issues at the company, Zilingo’s debtholders have recalled their loans, post which the company has appointed a financial adviser to assess its options.
“Following the recall of loans by debtholders, an independent financial advisor was appointed by the company which is in the midst of assessing options for the business,” the company said.
Zilingo provides apparel merchants and factories with technology to streamline their processes. It was founded in 2015 by Bose and chief technology officer Dhruv Kapoorand has been backed by Singapore sovereign fund Temasek and Sequoia Capital among its major investors. The company last raised around $200 million in funding in April last year and has around 500 employees.
“Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ms Ankiti Bose’s employment with cause and reserves the right to pursue appropriate legal action,” a statement from Zilingo on Friday said.
Bose was earlier placed under suspension by the company’s board on March 31 when it appointed an independent forensics firm to look into alleged financial irregularities. The board says that on April 11, after being placed on suspension, Bose brought to their attention certain harassment complaints against investors, and a consulting firm was also appointed to look into the claims.
“The investigation has concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice,” Zilingo’s board said in the statement noting that the suspension and investigation into Bose were not connected to the harassment claims.
Reacting to the board’s decision, Bose said in a statement on her Instagram page that her employment was terminated on the grounds of “insubordination”. “I have neither seen the reports nor been given sufficient time to produce any documents requested by them,” she added, calling the action by the company a “witch-hunt” and vowing to fight back.
Meanwhile, reacting to the internal issues at the company, Zilingo’s debtholders have recalled their loans, post which the company has appointed a financial adviser to assess its options.
“Following the recall of loans by debtholders, an independent financial advisor was appointed by the company which is in the midst of assessing options for the business,” the company said.
Zilingo provides apparel merchants and factories with technology to streamline their processes. It was founded in 2015 by Bose and chief technology officer Dhruv Kapoorand has been backed by Singapore sovereign fund Temasek and Sequoia Capital among its major investors. The company last raised around $200 million in funding in April last year and has around 500 employees.
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