Finance

Micromax promoters, chairman differed on valuations

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The exit of Sanjay Kapoor, the former chairman of Micromax Informatics Ltd, in August was spurred by alleged differences over valuation of his personal stake in the mobile handset company and non-issuance of 1% employee stock option plan (Esop) offered to him at the time of his joining, revealed sources and letters on the Ministry of Corporate Affairs’s (MCA) website.

Till now, it was believed that Kapoor had quit the second-largest smartphone company because he differed on strategic matters with the promoters – Rahul Sharma, Rajesh Aggarwal, Sumeet Kumar and Vikas Jain.
The former chairman’s resignation letter put up on the MCA website also threatens the Micromax board of dragging them to the court.

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