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.
The proposed entity will house a retail version of the company's Mappls app.
This story is from the December 04, 2024 edition of Financial Express Mumbai.
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This story is from the December 04, 2024 edition of Financial Express Mumbai.
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