news Tuesday, May 05, 2015 - 05:30
Rahul Yadav, the CEO of online real-estate startup Housing.com has decided to continue with the company after he had reportedly put in his resignation papers which had been accepted by the board. Yadav had been particularly scornful in his letter to the board and the company's investors and The Times of India reports that he has apologised for his comments and will resume duties. The report though adds that Yadav may lose some of his powers in influencing financial decisions. Housing have issued the following statement with regard to the matter. "In the relatively short period of its existence, Housing has revolutionized the real estate market in India and it continues to lead and disrupt with world class product innovations. Today the Housing board met, and has been reconstituted to include all main shareholder representatives. After some good conversations the board has reaffirmed its faith in Rahul Yadav's vision at Housing".  Earlier, a snapshot of Yadav’s derisive resignation letter started doing the rounds on social media on Tuesday morning. The letter, written on April 30 mocks the “intellectual capability” of the company’s board members. A report in the Economic Times had mentioned that Yadav had given the board members and investors a week’s time to manage the transition period after which he would take their leave. The investors at the online startup responded a day later to the letter and accepted his resignation. The board are expected to meet on Tuesday to chart out a course for the company. Considered to be one of India’s startup success stories, Housing has hit the headlines recently for the wrong reasons after Yadav had a spat with the Times group recently. He was also involved in an unsavoury social media exchange with Sequoia Capital Managing Director Shailendra Singh. "I don't think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also!" says Yadav in his resignation letter.   Here is the full text of Yadav’s email along with the board’s response: Dear board members and investors, I don't think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also! I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys! Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I'm available for the next 7 days to help in the transition. Won't give more time after that. So please be efficient in this duration. Cheers, Rahul Text of the letter accepting his resignation Dear Rahul, In a discussion among the Investor group, I was requested to send you an express acknowledgement, on their behalf and without any other effect on the terms of our agreements, of your April 30 resignation from your positions (1) on the board of directors (including as chairman and managing director) and (2) as CEO. Thank you. With best regards Noah Carr Morrison & Foerster LLP    

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