The board expected to discuss the outcome of a special audit that probed allegations of misappropriation of funds against founder and CEO Arvind Rao
UPDATE 9th July 9.00 p.m: OnMobile sent out a press release much after close of business hours on 9th July saying CEO and MD Arvind Rao had resigned due to certain "weaknesses in some processes" that had taken place under his tenure. Perplexingly, the release also goes on to state that the same "weaknesses" did not cause any losses to the company due to the presence of "strong alternate controls". The full text of the press release is appended at the end of this article
In just a few hours, OnMobile, India’s pioneering and largest provider of mobile value added services, will put out an important update to Indian stock exchanges. It will be based on the outcome of a crucial board meeting that is likely to deal with a raft of controversies that have dogged the firm since last year.