Housing.com board throws out its founder

“Yadav who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner, going forward,” the company said in a statement after its board met in Mumbai on Wednesday.

The realty portal said that the board unanimously agreed to bring Mr Yadav’s tenure to a close with reference to his behaviour towards investors, ecosystem and the media. “The Board believed that his behaviour is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building,” the company said.

Mr Yadav was the main brain behind the two-year old realty portal and was also instrumental in getting a series of funding from major investors like Soft Bank, Helion Ventures, Nexus and Qualcomm Ventures among others.

However, during the past few months, Mr Yadav’s style of functioning didn’t go down well with the company’s investors and the board. In May this year, Mr Yadav wrote a resignation letter to the board alleging that the board members are intellectually incapable of having any ‘sensible discussion’. But he later apologised and withdrew his resignation.

While the search for an interim CEO is underway, the firm informed that a transition plan has been put in place, “The current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning. The Board and the operating committee will remain closely involved with all key decisions,” it said.