OnMobile CEO Denies Discord With Board

OnMobile's CEO Arvind Rao has denied the allegation of misappropriation of funds reported by a leading financial newspaper. "It's absolutely baseless and inaccurate. There is no misappropriation of funds and all the allegations are baseless. There is zero money involved. I have not diverted any funds whatsoever. The company board is with me and we may go legal against those baseless claims," says Arvind Rao, CEO, OnMobile to Light Reading India.

Earlier in the day, according to a report published in Economic Times., Rao had reportedly come under the scanner of company's board because of his alleged involvement in diverting company's money in a private account .

The financial daily, citing sources, says that the board has asked KPMG International to conduct an audit to establish and verify the charges.

Earlier this month, the company had informed the stock exchanges that Rao will focus on international operations, while an operations committee headed by chairman HH Haigh, and Naresh Malhotra, chairman for company's audit committee will manage the day to day affairs.

OnMobile is one of the largest data and Value Added Services (VAS) companies for mobile, landline and media service providers. The company was founded in 2000, and presently has around 1500 employees across India, US, LATAM, Africa, Australia, Middle East and Europe. The company was publicly listed in India in 2008.

Jatinder Singh, Principal Correspondent, Light Reading India