Two Micromax Mobile Founders Arrested For Bribing Officials!
Two founders of Micromax Mobile, the company which has second largest smartphone market share in India, seem to be in trouble. Rajesh Agarwal (pdf profile) and Manish Tuli from Micromax Informatics have been arrested by CBI officials after being caught red-handed offering bribe of Rs. 30 lakh to junior officials of North Delhi Municipal Corporation. [Source]
Along with them, two junior engineers of municipal corporation were also arrested for accepting the bribe. CBI acted immediately on the tip-off they received (details of which are not disclosed) in regards to bribe being paid by Micromax officials to get clearance on the construction of a banquet hall in Wazirpur area.
Official Micromax spokesperson responded to the incident stating that the alleged misconduct of two arrested individuals has nothing to do with the company.
According to the reports, along with 4 individual arrests, CBI are also on the trail of other Delhi Municipal Corporation who had involvement in this bribery incident. The report also says that junior officials were collecting the bribe amount on behalf of Superintendent Engineer, an Executive Engineer and two Junior Engineers.
This incident comes close to the heels of arrest of Sandeep Aggarwal founder of Indian e-commerce company Shopclues. He was arrested by FBI in the US on insider trading charges that dated back to year 2009.
It is interesting to note that both the events seem to have conducted based for their own personal interests and not on behalf of the company they represented. However, being CXO level executives, the company brand is sure to face the brunt of their alleged misconducts!