Rahul Yadav, an IIT-Bombay dropout who started the real estate Profession with college Pals in 2012, will have no further Roles to the company. He was asked to immediately Leave the Company Premises after the meeting.
Anticipating any untoward violence, The advocates of main investor SoftBank had asked for help from the local police in case of any resistance by Ex Ceo of Housing.com Rahul Yadav, but he left without any incident.
The company is searching for an interim CEO.Earlier this week Economic Times reported that Ex Ceo Rahul Yadav had agreed to step down after the board took the initiative to ease him out of the company.
“Rahul was on probation from the last time he resigned, and when he didn’t meet targets set by the investors, he was asked to Quit,” said an investor in the company, which was valued at Rs 1,500 crore during its last round of funding in November. Rahul Yadav previously resigned at the end of April 2015 which was also questioned the intelligence of investors but the board asked him to stay back then after extracting an apology.
SoftBank, which has a 32% stake in Housing.com, has formed an executive committee that controls the finances and operations of the company. The committee is led by Jonathan Bullock, the SoftBank executive who has replaced the investment firm’s vice-chairman Nikesh Arora on the Housing.com’s board.
Economic Times reported on Tuesday that a deal is brewing between Housing.com and classifieds portal Quikr.com, and that it would hinge on what decision was taken regarding Rahul Yadav. The prospect of a transaction did not figure at the board meeting on Wednesday.