[Updated]
Within 24 hours of giving his resignation, it seems that Rahul Yadav has withdrawn his resignation. He commented,
“After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologize for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board”
This is great news and it good to know that he has kept his ego aside and decided to take the company forward. We just hope that this does not simmer for too long and everyone puts the episode behind them!
And, yes, hopefully it will be end to such episodes. Housing is one of the lighthouse startups in India, and it should not go down purely due to personal differences
[Text below written previously]
The roller-coaster story of India’s poster-child startup, Housing.com continues. The much talked about and controversy marred CEO Rahul Yadav has put down his papers. And, even the resignation was quite scornful, which is sure to cause lot of heart-burn to investors.
He resigned from all of his positions including that of CEO, Chairman and Board Director.
Earlier in March, a major controversy had erupted, when Rahul Yadav openly published a scathing Message on Quora
While his message on Quora was extremely brash (and even immature), this resignation was scornful. It is quite clear that things have reached a stage at Housing Board, where they seem irreparable. Have a look at the text of Rahul Yadav’s resignation letter.
Dear board members and investors,
I don’t think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also!
I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys!
Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I’m available for the next 7 days to help in the transition. Won’t give more time after that. So please be efficient in this duration.
Cheers,
Rahul
The investors group seems to have retained legal firm Noah Carr Morrison and Foerster for the proceedings and they have sent an acknowledgement letter acknowledging Rahul Yadav’s resignation.
While one can clearly see that Rahul Yadav is frustrated with what has been happening with investors and board members, it is quite bold of him to take the step to resign. While it may or may not be accepted, it is clear that Rahul is quite confident about himself and stands for his conviction, even though his behaviour is clearly quite rash!
We will keep a close watch on whats happening and bring you updates as they happen!
Rahul is such a Drama Queen.
This is what happens when investors pump money in overhyped business models and a bunch of over-rated morons
Terrible!