DIGITAL NAVIGATION FIRM CE Info Systems, which operates under MapmyIndia brand name, has shelved its decision to invest ₹35 crore in a proposed B2C venture to be led by CEO Rohan Verma.
As per the company's board, Verma will take charge of the new venture after relinquishing his responsibilities at CE Info Systems. However, he will continue to be on the board of CE Info Systems.
The decision comes after concerns were raised on the investment plan approved by the firm's board on November 29. "To allay the concerns of minority shareholders, the new company shall not take MapmyIndia's CCD investment. MapmyIndia will still get a 10% equity stake in the new company," Verma said on Tuesday.
This story is from the December 04, 2024 edition of Financial Express Chennai.
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This story is from the December 04, 2024 edition of Financial Express Chennai.
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