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According to latest business news, the Managing Director and Chief Executive Officer [CEO] of mobile value-added services player OnMobile Arvind Rao resigns from his post.

It is said in reports that his resignation comes after a analysis done by Amarchand Mangaldas & Suresh A. Shroff, Advocates and KPMG considered faults in some processes concerned to corporate authority.

On the basis of such reviews, OnMobile has initiated steps to rectify all the weaknesses.

Be acquainted with that these drawbacks happened during Mr. Arvind Rao’s term, he has immediately gave his resignation from the position with immediate effect and the board has accepted the same.

In the meantime, it is said that Mr Mouli Raman, Co-founder and Executive Director, will be the new Managing Director of the company, and OnMobile has also initiated a search for a new CEO.

On Monday, shares of the company fell 3.31 per cent to close at Rs 33.60 on the Bombay Stock Exchange [BSE]. For the April-June quarter, company’s stock has lost 49.1 per cent.

As per the note released on the Bombay Stock Exchange, the pledged shares of the promoters of OnMobile — Arvind Rao, Arvind Mohan Rao, Riffmobile Pvt Ltd, Oskar Habitat, Radha J., Jankiraman V., J. Ramesh and J. Chandramouli — have been invoked and hence their holding in the company is nil.