New Delhi: Indian mobile handset maker Micromax’s former chairman Sanjay Kapoor, who had been forced out of the job on charges of alleged financial irregularities, is contesting the same and has threatened to sue the firm.
The company in late August had claimed that Mr Kapoor “decided to move on” when it announced his exit. However, Mr Kapoor, in a damning two-page letter to the company’s board, had said his “termination” was timed to deny him stock options (Esop).
In the letter dated July 27, Mr Kapoor said the company had on July 10, 2015 informed him of “termination” of his employment with Micro-max “on the malicious ground that I have presented for payment and got cleared bills for large amounts towards fuel expenses”.
Micromax had formally announced Mr Kapoor’s exit on August 1. “I am entitled to Esops and other benefits. The valuation of the company has immensely increased due to my efforts. I have successfully got the commitment of huge investment in the company, the fruits of which the company has already started to reap,” he said in the letter. Mr Kapoor was the first chairman appointed last year by the company, which was founded in 2000.
Repeated attempts to reach Micromax failed to elicit any response while Mr Kapoor said that he had said whatever he wanted to say in the letter, copies of which had been submitted to the ministry of corporate affairs.
The former Airtel CEO, who had taken over as Micromax chairman in June last year, was tasked with making the homegrown firm a global brand. Under Mr Kapoor, Micromax maintained its grip in the booming Indi-an smartphone market.
“It is surprising that no notice was ever issued to me or any explanation was ever called from me and the entire process has been undertaken with the predetermined outcome to terminate my services for a concocted cause,” he said.
Mr Kapoor said no bills for fuel were even presented by him. “The company had a direct arrangement with Janta Filling station and the bills were directly received by the company.
By no stretch of imagination, it can be stated that I have misappropriated any amount as no amou-nts were paid to me for fuel expenses. There we-re no cash transactions involved,” Mr Kapoor’s letter said....