Ankiti Bose, the Indian-origin entrepreneur who was ousted as Zilingo's chief executive officer (CEO) in May following an internal probe into financial irregularities, has stepped down from the Singapore-based fashion start-up's board on Thursday, 30 June.
"Given the current circumstances, and due to the opacity of information to me as a board member and a shareholder, I resign forthwith from all directorships I hold with Zilingo’s holding company and any of its subsidiaries," she wrote in an Instagram post.
Her resignation comes as the company struggles to stay afloat. The board is reportedly considering liquidating assets to pay off creditors and a management buyout offer proposed by co-founders Dhruv Kapoor and Ankiti Bose.
Bose Still Committed to ‘Save’ Company
Bose, who has previously called her sacking a "witch hunt," maintains that she has not been provided a copy of the results of the investigation into her actions.
“Over the past few months, despite my requests, the Zilingo board has failed to show me any report (issued by Kroll or Deloitte) which pertained to any investigations into the company or into my alleged misconduct, and why or how these were used to terminate my position as CEO," she wrote.
"At the same time, spokespersons and “leakers” have been busy spewing nasty media narratives, which is to the detriment of all concerned," she added.
Bose clarified that her resignation as a board member does not impact her commitment to saving Zilingo from its financial troubles and urged shareholders to prioritise saving the jobs of those who work at the company.
"I will always fight for you and alongside you. I will unflinchingly support any plan that saves the jobs at Zilingo and I would once again request every Zilingo shareholder to try and look past our differences and personal agenda, and prioritise what is best for our people who have given their blood, sweat and tears to our company," she wrote in the post.
The management buyout plan proposed by Bose and Kapoor, according to Inc42, would involve liquidation of Zilingo’s assets and the formation of a new company, which would likely save jobs.
The two reportedly claimed they had received commitments from investors to the tune of $8 million to finance the buyout.
(With inputs from Inc42.)
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