In a bid to put an end to all controversies surrounding the company, the board members of real estate services provider Housing.com have fired its co-founder and CEO, Rahul Yadav.
A decision to oust Yadav was taken at a board meeting on Wednesday and the company stated "behaviour towards investors, partners and the media" as the main reasons behind the move.
"The board believed that his behaviour is not befitting of a CEO and is detrimental to the company," a source told The Economic Times.
Yadav, 26, is a final-year dropout from IIT-Bombay and he has created a fair amount of controversy over the past few months. Yadav had quit the real estate startup in May, criticising the board members in his resignation letter. Later, he made a U-turn by withdrawing his resignation and apologising to the board.
Yadav will cease to have ties with the company as he was told to leave the office immediately after the board meeting.
The lawyers for Japan's SoftBank, a major investor in Housing.com, have sought the help of local police to avert any violence arising after Yadav's departure.
But, Yadav reportedly left the premises without showing any resistance.
He had 4.57% stake in the company any (₹150 crore to ₹200 crore), which he gave away to Housing.com employees in May.
Valuation of Housing.com stood at ₹1,500 crore ($250 million) during its last round of funding, which saw investment of $90 million from Japan's SoftBank in November, last year. The real estate services startup has raised about $140 million in four rounds of funding.
The company is currently looking for an interim CEO.
