He had impeccable credentials. And his company, OnMobile, was India’s most successful mobile VAS company. Then he did something stupid
On November 23, 2010, Arvind Rao, the 53-year-old co-founder and CEO of OnMobile, bought approximately 6 lakh shares of his company from the open market, representing a little over 1 percent of the company’s total shares. Rao already owned over 10 percent of the company’s shares.
This led to the souring of OnMobile and Rao’s relations with Infosys, causing the latter to even complain to SEBI in 2007 against OnMobile’s planned IPO.
(This story appears in the 03 August, 2012 issue of Forbes India. To visit our Archives, click here.)