Zomato reveals why it didn’t inform exchanges about the exit of Gaurav Gupta

Online food delivery platform Zomato on Saturday said it did not disclose the exit of its co-founder Gaurav Gupta to the bourses as he was not designated as a key managerial personnel, nor was he a promoter of the company.

Replying to a clarification sought by BSE, Zomato in a regulatory filing said, "...We would like to submit that Mr. Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013, and the Listing Regulations."

It further said that Gupta joined the company in 2015 and was subsequently designated as one of the co-founders in 2019 and Head of Supply in 2021.

"However, he was neither a promoter nor was holding any equity shares in the company. Therefore, his exit from the company does not warrant any disclosure under the Listing Regulations," Zomato said.

The company upholds and intends to maintain high standards of corporate governance, has complied with the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, in letter and spirit, it added.
Zomato had shared the information of Gupta's exit in a blog post by the company.